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Nonfarm Payrolls Surge
02/03/2012
Treasury prices were mostly unchanged prior to the payroll numbers but have headed south as a much better than expected report has caught many by surprise. Nonfarm payrolls surged 243k vs predictions of a more modest 140k increase. Private payrolls also increased more than expected to 257k, sending the unemployment rate down to 8.3% from December’s level of 8.5%. Later this morning, a busy week of economic data is concluded with US factory orders report and the UM non-manufacturing index. Currently, the 10yr yield is at 1.915% (1.826% Thursday)
