MBS RECAP: Bonds Shrug at Lowest Jobless Rate in 50 Years

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Posted To: MBS Commentary

The bureau of labor statistics called and mailed about 60k households a little less than a month ago to ask them about their jobs. Only 3.5% of the workers in those households reported that they wanted a job but didn't have one. That's the lowest level in 50 years , and it stole the headlines today from the headline payroll count (incidentally, based on a survey of businesses that vastly improves the data integrity and sample size–thus the reason traders prefer NFP to the unemployment rate). Perhaps that's why the bond market was able to shrug off the apparently stellar jobs headlines. NFP didn't beat its forecast by enough to count and wages slumped at their fastest pace in nearly 2 years . As I'm fond of repeating, a strong labor market is old news. The only significant…(read more)

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