Macro Strategy Insights

NFP Instant Reaction – Great for Markets – For Now

This report should be very good for bonds. Establishment survey of 175k. The Household report showed an increase of 949k full-time jobs (while part-time jobs declined by 914k). Great news even as the overall net total was “only” 25k. The weaker data is in line with what we’ve been seeing in other reports. If anything, NFP still looks high relative to other bits of employment data that we have gotten (most noticeably the JOLTS quit and hire rates, which are below where they were at any time in 2019 or 2018). Average hourly earnings declined a smidge. Hours worked were ... NFP Instant Reaction – Great for Markets – For Now

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