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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-0.5 (-29.5) 2.343%  
 
  FN 3.5% Coupon   103-06 (-18)  
 
  Support   2.240%  
 
  Resistance   2.050%  
 
 
 
 
Today's Blurb Friday, November 6, 2015
 
 
       Nonfarm Payrolls outpaced expectations gaining the most this year, wage growth accelerated, and the unemployment rate fell according to the October Employment Report released today. Nonfarm Payrolls showed an added 271K jobs in October (consensus 185K) following a sluggish 137K in September,  Average Hourly Earnings rose by 4.00%, Worker Pay increased 2.50% YoY, and  the Unemployment Rate fell one-tenth to 5.00% vs. 5.10% prior. Today's Employment Report also showed diminishing labor-market slack as the number of part-time workers who would prefer full-time positions fell to 9.80% (lowest since May 2008). The Labor Force Participation Rate held at 62.40%. Federal Reserve Officials said last month that they would consider a rate hike in December given "some further improvement" in the labor market. The FOMC meets December 15-16 and, given the strong jobs report, they may consider moving the Fed Funds Rate from the zero point; the Fed Funds rate has been at zero since December 2008. Treasuries plummeted following this morning's data release amid speculations that the Fed will hike rates in response to an improving labor market. Yield on the 10-Year reached 2.32% and the curve has bear steepened with 2s10s up 2.7 bps.
  Have An Amazing Weekend!
 
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/02 Markit US Manufacturing PMI 06:45 Oct F 54.00 54.10 54.00 -  
                   
  11/02 Construction Spending MoM 07:00 Sep   0.50%   0.60%   0.70% -  
                   
  11/02 ISM Manufacturing 07:00 Oct 50.00 50.10 50.20 -  
                   
  11/03 ISM New York 06:45 Oct 45.70 65.80 44.50 -  
                   
  11/03 Factory Orders 07:00 Sep -0.90% -1.00% -1.70% -2.10%  
                   
  11/03 IBD/TIPP Economic Optimism 07:00 Nov 47.40 45.50 47.30 -  
                   
  11/04 MBA Mortgage Applications 04:00 Oct 30 - -0.80% -3.50% -  
                   
  11/04 ADP Employment Change 05:15 Oct 180K 182K 200K 190K  
                   
  11/04 Trade Balance 05:30 Sep -$41.00 B -$40.81 B -$48.33 B -$48.02 B  
                   
  11/04 Markit US Composite PMI 06:45 Oct F - 55.00 54.50 -  
                   
  11/04 Markit US Services PMI 06:45 Oct F 54.50 54.80 54.40 -  
                   
  11/05 Challenger Job Cuts YoY 04:30 Oct - -1.30% 93.20% -  
                   
  11/05 Initial Jobless Claims 05:30 Oct 31 262K 276K 260K -  
                   
  11/05 Nonfarm Productivity 05:30 3Q P -0.30% 1.60% 3.30% 3.50%  
                   
  11/05 Continuing Claims 05:30 Oct 24 2140K 2163K 2144K 2146K  
                   
  11/05 Bloomberg Consumer Comfort 06:45 Nov 1 - - 42.80 -  
                   
  11/06 Change in Nonfarm Payrolls 05:30 Oct 185K 271K 142K 137K  
                   
  11/06 Change in Private Payrolls 05:30 Oct 169K 268K 118K 149K  
                   
  11/06 Change in Manufact. Payrolls 05:30 Oct -5K 0K -9K -  
                   
  11/06 Unemployment Rate 05:30 Oct 5.00% 5.00%  5.10% -  
                   
  11/06 Average Hourly Earnings MoM 05:30 Oct 0.20% 0.40% 0.00% -  
                   
  11/06 Average Hourly Earnings YoY 05:30 Oct 2.30% 2.50% 2.20% 2.30%  
                   
  11/06 Underemployment Rate 05:30 Oct 9.90% 9.80% 10.00% -  
                   
  11/06 Labor Force Participation Rate 05:30 Oct 62.40% 62.40% 62.40% -  
                   
 
 
 
 
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