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Why Bonds Sold Off Despite Weaker Jobs Report
Why Bonds Sold Off Despite Weaker Jobs Report
First off, read the AM commentary if you haven't already. This recap doesn't add much to that (but the video adds a lot). Bottom line, NFP was weaker, but that was the worst of the news. The unrounded unemployment rate barely budged and it would have moved LOWER (under 4.00%) were it not for the uptick in labor force participation. Higher oil prices contributed a bit to intraday weakness as did a recovery in French credit spreads. At the end of the day, this wasn't the jobs report that sowed any seeds of doubt about cracks showing in the labor market.
Why Did Bonds Sell Despite Weaker Jobs Report?
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Oct 02 | |||||
| 8:30AM | Sep Average earnings mm (%) | Sep | 0.1% | 0.3% | 0.3% |
| 8:30AM | Sep Non Farm Payrolls (k) | Sep | 29K | 90K | 162K |
| 8:30AM | Sep Participation Rate | Sep | 61.8% | 61.6% | |
| 8:30AM | Sep Unemployment rate mm (%) | Sep | 4.2% | 4.1% | 4.1% |
| 10:00AM | Aug Factory orders mm (%) | Aug | 0.1% | 0.1% | 0.9% |
| 10:00AM | Fed Logan Speech | ||||
| Monday, Oct 05 | |||||
| 9:20AM | NY Fed Bill Purchases 4 to 12 months (%) | $1.946 billion | |||
| 9:45AM | Sep S&P Global Services PMI | Sep | 58.7 | 56.5 | |
| 9:45AM | Sep S&P Global Composite PMI | Sep | 58.4 | 56.0 | |
| 10:00AM | Sep ISM N-Mfg PMI | Sep | 55.7 | 55.4 | |
| 10:00AM | Sep ISM Biz Activity | Sep | 61.7 | ||
| 10:00AM | Sep ISM Services Employment | Sep | 47.8 | ||
| 10:00AM | Sep ISM Services Prices | Sep | 72.6 | ||
| 10:00AM | Sep ISM Services New Orders | Sep | 60.9 | ||
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