Market Analysis

Bonds are under continued pressure this morning due to the August Non Farm Payroll Report coming in better than expected.  Analysts had been expected a negative 120,000 figure and instead payrolls were down 54,000.  Also, July was revised upward from negative 131,000 to negative 54,000.  Private payrolls which were expected to be up 44,000 were up 67,000 in August.  Also, July's private payroll increase was revised up from 71,000 to 107,000.  The unemployment rate inched up to 9.6% from 9.5% which matched expectations.   Hourly earnings were up .3% vs expectations for a .1% increase and a .2% increase in July.  The Average Workweek was 34.2 hrs which matched expectations.  In separate news, the Institute of Supply Management (ISM) Service Sector index dropped to 51.5 vs expecations for a 53.0 reading and a 54.3 reading in July.

Posted by Matthew Breston on September 3rd, 2010 9:32 AMPost a Comment (0)

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