Big Jobs Miss

The government reported this morning that the U.S. economy created just 126,000 net new jobs last month. That was well below expectations of 245,000 jobs.

This is the worst jobs report since December 2013. The unemployment rate held steady at 5.5%. The NFP numbers for January and February were also revised downward.

The stock market is closed today, but the bond market is rallying this morning. Hopefully this news will add more pressure on the Federal Reserve to delay raising interest rates.

It’s always interesting to see how the bond market is ahead of everyone. The 10-year yield started to climb earlier this year. It got as high as 2.26% on March 6, but it has been falling ever since. We may go below 1.8% very soon.

Average hourly earnings rose by 0.3% last month. That’s not bad.

Posted by on April 3rd, 2015 at 9:08 am


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