*US JUNE UNEMPLOYMENT RATE FALLS TO 3.6% VS 3.7%
*US JUNE PAYROLLS INCREASE 209,000; EST. 230,000
Finally, some relief in sight for the bond market after Nonfarm payrolls unexpectedly slowed in June to a gain of just 209k versus economists’ estimates of 230k. The print comes just one day after a report by ADP, the country’s largest payroll service provider, reported payrolls grew by nearly 500k versus estimates of 225k, sending bond prices into a freefall. Mortgages are doing a little better this morning, currently up 5-6 tics from yesterday’s close. Rates across the yield curve are tracking lower, led by the US 2yr note which is once again below 5% at 4.95%. Elsewhere on the report, the unemployment rate dropped .1% versus the previous month to 3.6% and wages grew by .2% to 4.4% giving workers a little more spending power in the face of sticky inflation. Next up, is CPI on Wednesday.
Commentary by: Jeremy Collett, EVP, Head of Capital Markets
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