Treasuries are lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.162% after closing at 2.118% prior.
Treasury yields inched higher this morning despite the disappointing jobs report and unemployment rate in August. Nonfarm Payrolls rose weaker than expected at 156k versus 180k per consensus. Additionally, July's employment report was downwardly revised from 209k to just 189k. Private Payrolls also came in below expectations at 165k versus 172k per consensus. While the Unemployment Rate was expected to hold steady, it unexpectedly rose to 4.40% from 4.30% in July. The lone bright spot in the August employment report came from the Manufacturing Payrolls which gained 36k new jobs following an upwardly revised 26k rise in July.
We also received the August Markit US Manufacturing PMI which came in slightly higher than its flash reading at 52.80 versus 52.50. The August ISM Manufacturing rose above expectations at 58.80 versus a 56.50 gain per consensus; ISM Prices Paid remained unchanged at 62.00 as expected. The final reading of the University of Michigan Sentiment for August rose to 96.80 versus its preliminary reading of 97.60 as consumer confidence continues to hold steady. Lastly, Construction Spending for July fell 0.60% following a downwardly revised drop of 1.40% prior.
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Treasury yields inched higher this morning despite the disappointing jobs report and unemployment rate in August. Nonfarm Payrolls rose weaker than expected at 156k versus 180k per consensus. Additionally, July's employment report was downwardly revised from 209k to just 189k. Private Payrolls also came in below expectations at 165k versus 172k per consensus. While the Unemployment Rate was expected to hold steady, it unexpectedly rose to 4.40% from 4.30% in July. The lone bright spot in the August employment report came from the Manufacturing Payrolls which gained 36k new jobs following an upwardly revised 26k rise in July.
We also received the August Markit US Manufacturing PMI which came in slightly higher than its flash reading at 52.80 versus 52.50. The August ISM Manufacturing rose above expectations at 58.80 versus a 56.50 gain per consensus; ISM Prices Paid remained unchanged at 62.00 as expected. The final reading of the University of Michigan Sentiment for August rose to 96.80 versus its preliminary reading of 97.60 as consumer confidence continues to hold steady. Lastly, Construction Spending for July fell 0.60% following a downwardly revised drop of 1.40% prior.
The curve has bear-steepened with the UST 10-Year up 4.4 bps from prior closing.
Have A Nice Weekend!