Treasuriesare modestly lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.371% after closing at 2.349% prior.
The impact of Hurricanes Harvey and Irma significantly affected the September Nonfarm Payrolls which came in well below expectations as U.S. payrolls fell 33k while consensus called for an 80k increase. The Change in Private Payrolls fell 40k following a slightly revised 164k gain in August, and the Change in Manufacturing Payrolls dropped 1k following an upwardly revised 41k gain prior. The Hurricanes also impacted the surge of the Average Hourly Earnings, particularly due to utility-worker overtime pay, as earnings rose 0.50% MoM following an upwardly revised 0.20% rise prior.
The Unemployment Rate fell from 4.40% in August to 4.20% in September as more people reported as being in the labor force and as being employed, pushing the Labor Force Participation Rate up to 63.10% form 62.90% prior. The Underemployment Rate decreased down to 8.30% from 8.60% in August. Lastly, we received the Wholesale Inventories for August, which came in slightly below expectations, rising 0.90% versus an increase of 1.00% per consensus; Wholesale Trade Sales rose 1.70% following a 0.10% drop prior.
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The impact of Hurricanes Harvey and Irma significantly affected the September Nonfarm Payrolls which came in well below expectations as U.S. payrolls fell 33k while consensus called for an 80k increase. The Change in Private Payrolls fell 40k following a slightly revised 164k gain in August, and the Change in Manufacturing Payrolls dropped 1k following an upwardly revised 41k gain prior. The Hurricanes also impacted the surge of the Average Hourly Earnings, particularly due to utility-worker overtime pay, as earnings rose 0.50% MoM following an upwardly revised 0.20% rise prior.
The Unemployment Rate fell from 4.40% in August to 4.20% in September as more people reported as being in the labor force and as being employed, pushing the Labor Force Participation Rate up to 63.10% form 62.90% prior. The Underemployment Rate decreased down to 8.30% from 8.60% in August. Lastly, we received the Wholesale Inventories for August, which came in slightly below expectations, rising 0.90% versus an increase of 1.00% per consensus; Wholesale Trade Sales rose 1.70% following a 0.10% drop prior.
The curve has bear-flattened with the UST 10-Year up 2.2 bps from prior closing.
Have A Nice Weekend!