Labor Flop Puts U.S. Yields Near 2011 Lows
Nonfarm payrolls add just 54,000 jobs in May.
Andrew Wilkinson, Contributor
Nonfarm payrolls add just 54,000 jobs in May.
Andrew Wilkinson, Contributor
Andrew Wilkinson, Contributor
David Kudla, Contributor
Steve Schaefer, Forbes Staff
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Anyone who doubted the U.S. economy was in a soft patch got the clearest evidence yet Friday, when the Labor Department said nonfarm payrolls added just 54,000 jobs in May. Even with estimates coming down in recent weeks amid a run of mediocre indicators the figure was still a far cry below the consensus calling for over 165,000. (See "Jobs Jolt: U.S. Payrolls Add Just 54K In May.") read »
Ahead of Friday’s U.S. employment report traders had itchy fingers with few daring to fire meaningful shots. Tension was elevated following an ADP report showing private employers possibly tugged sharply on the reins during May, hiring fewer workers. read »
U.S. nonfarm payrolls added just 54,000 jobs in May, about a third of what economists anticipated and far below the 232,000 in April, which was revised lower from the initial reading of 244,000. Unemployment ticked up to 9.1%, from 9% a month ago. read »
Monthly data of portfolio inflows by major mutual and hedge funds into the BRIC markets, by EPFR Global in Cambridge, Mass. read »
U.S. markets made something of a comeback Thursday afternoon, as stocks cut earlier losses as the dollar softened against the euro on reports of a new deal for Greek aid. read »
Nobody told Moody's it was a holiday-shortened week. read »
Yesterday’s release of the ADP and ISM data has most economists staring at the numbers in disbelief like they were deer in headlights. Their mantra had been that the U.S. was in a genuine recovery. But that notion is now being squelched by a thunderous cacophony of falling economic numbers. The ADP report showed that the private sector produced just 38k jobs in the month of May; while the all-important goods producing sector actually shed 10k from the payrolls. Meanwhile, the Institute of Supply[...] read »
Some wing-clipping is taking place on Thursday as sellers drive government bond prices back down. Doves had flocked out of the cage midweek following a weak measure of the labor market dragging yields down by 12 basis points to cross the 3% threshold for only the first time since December 7. To put such a flight to quality in to perspective the last such move followed the Japanese earthquake. Ahead of Friday’s government data some profit-taking has set in with investors concerned that sub-3% yields,[...] read »
