Markets are flat after the jobs report. Bonds and MBS are up small
Jobs report data dump:
- Payrolls 215k vs 225k expected
- Unemployment rate 5.3% in line
- Average hourly earnings 0.2% in line
- Underemployment rate 10.4%
- Labor force participation rate 62.6% in line
The jobs report is okay, nothing special. It shows the job market is slowly getting better. It doesn’t change anything with respect to the Fed’s thinking.
The Fed Funds futures are now handicapping a 55% chance of a rate hike in September.
Filed under: Morning Report |