November 5, 2021 Headlines

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.

Hafizan Hamzah
Director, Investment Management Group

11/5/2021Two-Month Payroll Net Revision235k
11/5/2021Change in Nonfarm Payrolls450k531k194k312k
11/5/2021Change in Private Payrolls420k604k317k365k
11/5/2021Change in Manufact. Payrolls30k60k26k31k
11/5/2021Unemployment Rate4.70%4.60%4.80%
11/5/2021Average Hourly Earnings MoM0.40%0.40%0.60%
11/5/2021Average Hourly Earnings YoY4.90%4.90%4.60%
11/5/2021Average Weekly Hours All Employees34.834.734.8
11/5/2021Labor Force Participation Rate61.70%61.60%61.60%
11/5/2021Underemployment Rate8.30%8.50%
11/5/2021Consumer Credit$16.000b$14.379b


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