The much-awaited payrolls report is out
Strong numbers, up 303,000 much higher than consensus estimates of 212,000
Wage growth, 0.03 MoM, +4.1% annual, as estimated.
The unemployment rate inched down to 3.8% from 3.9%. Economists, on average, had expected the jobless rate to hold steady at 3.9%. Labor force participation rate of 62.7% vs. 62.6% consensus and 62.5% prior. This is a good sign.
Treasuries yields are at 4.37% up 7 basis points – expectations of rate cuts fade.
S&P Futures up 0.4%
Nasdaq Composite up 0.49%
The past few days there was a lot of consternation in the market, with reports about Fed cuts delayed or as one Fed Gov, Neal Kashkari suggested yesterday
The markets had fallen the last three days and looks stable at least for now.