Some more detail from the April US jobs report:
- Average hourly earnings rose 0.2% versus 0.3% expected. Last month 0.3%
- Average hourly earnings YoY 3.9% versus 4.0% expected. Last month 4.1%.
- Average work week Hrs 34.3% versus 34.4 expected. Last month 34.4
- The labor force participation rate for April 62.7% vs 62.7% last month
- U6 (underemployment rate) 7.4% versus 7.3% last month.
Just prior to the release:
- 2-year yield 4.862%
- 10-year yield 4.546%
- Dow implied +296 points
- S&P index +18.80 points
- NASDAQ index +112.96 point
The initial reaction 2-minutes after the release:
- 2-year yield 4.716%
- 10- year yield 4.460%
- Dow implied 554 points
- S&P index +54 points
- NASDAQ index +259 points
Two cuts are fully priced for the end of the year (52 basis points) vs 42 basis points prior to the report
This article was written by Greg Michalowski at www.forexlive.com.
