Treasury yields are essentially unchanged following a strong jobs report. Non-farm payrolls increased by 531,000 last month and the prior two months saw their numbers revised upwards by 250,000. Today’s release lends further credence to the Fed’s decision to begin slowing the pace of its bond purchases. The increase in payrolls was fairly broad based with manufacturing jobs 2x higher than September. Average hourly earnings increased by 4.9%, the largest jump since February. The labor market continues to recover from the pandemic but still has some ways to go. After this report, payrolls are sitting 4.2 million below where they were prior to the pandemic.
Director, Investment Management Group
|11/5/2021||Two-Month Payroll Net Revision||—||235k||—||—|
|11/5/2021||Change in Nonfarm Payrolls||450k||531k||194k||312k|
|11/5/2021||Change in Private Payrolls||420k||604k||317k||365k|
|11/5/2021||Change in Manufact. Payrolls||30k||60k||26k||31k|
|11/5/2021||Average Hourly Earnings MoM||0.40%||0.40%||0.60%||—|
|11/5/2021||Average Hourly Earnings YoY||4.90%||4.90%||4.60%||—|
|11/5/2021||Average Weekly Hours All Employees||34.8||34.7||34.8||—|
|11/5/2021||Labor Force Participation Rate||61.70%||61.60%||61.60%||—|
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