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Nonfarm Payrolls Grow
08/04/2017
Treasury prices were mostly unchanged overnight as investors awaited today’s Employment Report. The results were better than expected as various aspects of the report indicated strength in the labor market. Nonfarm payrolls grew 209k versus expectations of 178k and the prior month’s level was also revised higher. The Unemployment Rate dipped -0.1% down to 4.3%, which was coupled with an improvement in the Participation Rate of +0.1% to 62.9%. Treasury prices have moved lower in response to the unexpectedly strong results. Data is complete for the week but investors will be paying attention to a couple of planned Fed appearances later on this morning. Looking ahead to next week, the calendar is tame with a pair of reports on inflation on Thursday and Friday providing the only significant data points. Currently, the 10yr yield is at 2.265%.
