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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-19.5 (+19)  
 
  FN 3.5% Coupon   102-23.5 (+14)  
 
  Support   2.488%  
 
  Resistance   2.291%  
 
 
 
 
Friday, December 2, 2016
 
 

The UST 10-Year yield is at 2.402% this morning after closing at 2.449% yesterday.

This morning, the much anticipated Nonfarm Payrolls data was released showing a gain of 178K additional jobs for the month of November. Employment gains occurred in professional and business services, and in health care. The average hourly earnings in the private sector declined by 3 cents to $25.89 after an 11-cent increase in October, according to the Bureau of Labor Statistics.

Change in Manufacturing Payrolls came in at -4K vs. the forecasted -2K. The manufacturing workweek declined by 0.2 hours to 40.6 hours and overtime remained unchanged at 3.3 hours. The employment rate in 2016 has had an average increase of 180K, compared to 229K in 2015.

The Unemployment Rate in November declined by 0.30% to 4.60 the lowest reading since August 2007, with the overall unemployment rates for men and women dropping to 4.30% and 4.20% respectively. However, the other contributor to this drop was the extensive number of workers exiting the labor force which have total 226K so far.

The curve has bull-flattened with the UST 10-Year 4.7 bps down from prior closing.

Have A Great Weekend!

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/28 Dallas Fed Manf. Activity 07:30 Nov 2.00 10.20 -1.50 -  
                   
  11/29 GDP Annualized QoQ 05:30 3Q S 3.00% 3.20% 2.90% -  
                   
  11/29 Personal Consumption 05:30 3Q S 2.30% 2.80% 2.10% -  
                   
  11/29 GDP Price Index 05:30 3Q S 1.50% 1.40% 1.50% -  
                   
  11/29 S&P CoreLogic CS US HPI MoM SA 06:00 Sep - 0.83% 0.61% 0.62%  
                   
  11/29 S&P CoreLogic CS US HPI YoY NSA 06:00 Sep - 5.46% 5.32% 5.15%  
                   
  11/29 Consumer Confidence Index 07:00 Nov 101.50 107.10 98.60 100.80  
                   
  11/30 MBA Mortgage Applications 04:00 25 Nov - -9.40% 5.50% -  
                   
  11/30 ADP Employment Change 05:15 Nov 170K 216K 147K 119K  
                   
  11/30 Personal Income 05:30 Oct 0.40% 0.60% 0.30% 0.40%  
                   
  11/30 Personal Spending 05:30 Oct 0.50% 0.30% 0.50% 0.70%  
                   
  11/30 PCE Deflator MoM 05:30 Oct 0.30% 0.20% 0.20% -  
                   
  11/30 PCE Deflator YoY 05:30 Oct 1.50% 1.40% 1.20% -  
                   
  11/30 PCE Core MoM 05:30 Oct 0.10% 0.10% 0.10% -  
                   
  11/30 PCE Core YoY 05:30 Oct 1.70% 1.70% 1.70% -  
                   
  11/30 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  12/01 Challenger Job Cuts YoY 04:30 Nov - -13.00% -39.10% -  
                   
  12/01 Initial Jobless Claims 05:30 26 Nov 253K 268K 251K -  
                   
  12/01 Continuing Claims 05:30 19 Nov 2033K 2081K 2043K -  
                   
  12/01 Bloomberg Consumer Comfort 06:45 27 Nov - 44.90 44.80 -  
                   
  12/01 Markit US Manufacturing PMI 06:45 Nov F 53.90 54.10 53.90 -  
                   
  12/01 Construction Spending MoM 07:00 Oct 0.60% 0.50% -0.40% 0.00%  
                   
  12/01 ISM Manufacturing 07:00 Nov 52.50 53.20 51.90 -  
                   
  12/02 Change in Nonfarm Payrolls 05:30 Nov 180K 178K 161K 142K  
                   
  12/02 Unemployment Rate 05:30 Nov 4.90% 4.60% 4.90% -  
                   
  12/02 Average Hourly Earnings MoM 05:30 Nov 0.20% -0.10% 0.40% -  
                   
  12/02 Average Hourly Earnings YoY 05:30 Nov 2.80% 2.50% 2.80% -  
                   
  12/02 Labor Force Participation Rate 05:30 Nov - 62.70% 62.80% -  
                   
  12/02 ISM New York 06:45 Nov - 52.50 49.20 -  
                   
 
 
 
 
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