MBS MID-DAY: Jobs Report Leaves Nothing to Bond Market's Imagination

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Posted To: MBS Commentary

Bond markets may well have been able to imagine a situation where NFP came in weak enough for some traders to doubt the Fed's resolve in hiking rates at the December meeting. I personally think that number would have to have been shockingly low for such a thing, but now that doesn't even matter. The number we ended up with left nothing to the imagination . Here's a run-down: NFP +271k vs 180k forecast Revisions added a negligible 12k jobs to the past 2 months Unemployment rate hit 5.0 vs 5.1 forecast/previous Participation rate was unchanged U-6 Unemployment dropped to 9.8% from 10.0% (first time under 10.0 since early 2008) private sector 268k vs 165k forecast, 149k previously (revised up from 118k) Hourly earnings +0.4 vs +0.2 forecast and 0.0 previously Average workweek unchanged...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/528012.aspx

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