“It’s as if 100K service sector jobs went missing in the payroll report,” says David Rosenberg, scratching his head over Friday's soft payroll number. The weakness came from the services sector, he notes, and doesn't jibe with the strong January ISM services report (56.4), or the ADP jobs print showing 160K private-sector services jobs created last month.
The headline number "did not pass the proverbial sniff test," adds the former bond bull turned bear.
Treasury yields continue to buy Friday's number, off one basis point today to 2.68%, well below the near-3% level at the start of the year.
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