Treasury yields slide following jobs miss


The weak headline jobs number gets a little bit worse after revisions, with August's 209K jobs gain revised higher by 3K, but July's 298K gain adjusted lower by 31K.

The average workweek of 34.5 hours was unchanged for the sixth straight month. Average hourly earnings of $24.53 was up $0.06 in August, and up 2.1% on a Y/Y basis.

The labor force participation rate of 62.8% fell from 62.9% in July. A year ago, it was 63.2%. Total not in labor force of 91.8M vs. 90M one year ago.

The broader U-6 unemployment rate slipped to 12% from 12.2% in July. One year ago it was 13.6%.

Lower ahead of the report, S&P 500 (NYSEARCA:SPY) futures have bounced back to flat, and the 10-year Treasury yield dives lower, now off six basis points to 2.39%.

TLT +0.4%, TBT -0.8%.

Also lower ahead of the number, gold (NYSEARCA:GLD) is now ahead by 0.3%.

The dollar (NYSEARCA:UUP) is bouncing around, but little-changed on the session.

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Comments (3)
  • fishfryer
    , contributor
    Comments (5740) | Send Message
     
    I expect a sub 2.25% 10 year. Any higher than that we tread water, politicians and CNBC are really starting to not believe the lies anymore.

     

    Here is why, WE ARE IN A TIME OF A BROKEN ECONOMIC STRUCTURE. Using monetary tools to attempt to fix a broken structure will not work. Decades of bad policy decisions have brought us here.

     

    The sub2.25% will not fix anything at all, it will just cover up the problems.

     

    It is finally unraveling.
    5 Sep 2014, 02:11 PM Reply Like
  • dmarilley
    , contributor
    Comments (852) | Send Message
     
    Following up, I haven't seen much written on international sovereign fixed income arbitrage. This has to be a force in our fixed income markets.
    5 Sep 2014, 02:48 PM Reply Like
  • nooseah
    , contributor
    Comments (691) | Send Message
     
    Five years and counting ...

     

    Perhaps if we all pray really hard that strong economic recovery will materialise...
    5 Sep 2014, 06:57 PM Reply Like
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