Today’s Jobs Report shows that 28% fewer new positions were created than were expected. Most of those new jobs were in healthcare and only a handful of them were in leisure and hospitality, which shows very clearly where we Americans are spending our money as life gets ever more expensive. Fewer now jobs among the postulated new 360,000 laborers looking for work results in the Unemployment Rate ticking up 1/10% to 3.9%. That is still an extremely low percentage, but any headline hinting at a slowing economy will give interest rates some relief.
The skinny:
Where are rates headed? Sideways to lower in the near-term.
Why? Labor market weakness and fresh rate cut hopes later this year.
What’s Next? Treasury auctions next week, Fed speak
