The overnight session was quiet as market participants waited for the release of the May jobs report. After missing initial estimates, both US Treasuries and stocks advanced (SPX +.40%) as speculation increased around potential policy easing. Earlier in the week, Fed Chairman Powell signaled his openness to cut interest rates if necessary. Payrolls rose by only 75k in May which was lower than all Bloomberg survey estimates, and average hourly earnings missed increasing 3.1% YoY. Looking forward to next week, the economic calendar will be highlighted by CPI and Retail Sales on Wednesday.
Associate, Investment Management Group
|6/7/2019||Change in Nonfarm Payrolls||175k||75k||263k||224k|
|6/7/2019||Two-Month Payroll Net Revision||—||-75k||—||—|
|6/7/2019||Change in Private Payrolls||174k||90k||236k||205k|
|6/7/2019||Change in Manufact. Payrolls||3k||3k||4k||5k|
|6/7/2019||Average Hourly Earnings MoM||0.30%||0.20%||0.20%||—|
|6/7/2019||Average Hourly Earnings YoY||3.20%||3.10%||3.20%||—|
|6/7/2019||Average Weekly Hours All Employees||34.5||34.4||34.4||—|
|6/7/2019||Labor Force Participation Rate||—||62.80%||62.80%||—|
|6/7/2019||Wholesale Inventories MoM||0.70%||0.80%||0.70%||—|
|6/7/2019||Wholesale Trade Sales MoM||-0.20%||-0.40%||2.30%||1.80%|
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