According to the US Bureau of Labor Statistics (BLS)www.bls.gov/news.release/empsit.nr0.htm, the February jobs report came in hot, hot, hot.
One indicator that the Biden Administration will herald is that average hourly earnings rose to 4.6% Year-over-year (YoY). Too bad headline inflation is still at a whopping 6.4% YoY.
More jobs were added to the US economy than forecast (311k actual versus 225k forecast). The U-3 unemployment rate rose to 3.6% from 3.4% in January.
The biggest gainer in jobs? Food services and drinking places, of course, at 69.9 k jobs added.
The aftermath of the jobs report? 2-year Treasury yields are down a whopping -15.8 basis points. But Europe is seeing double digit declines in sovereign yields as well.
At the 10-year tenor, we see the US Treasury yield drop -12.8 basis points. Much in line with European sovereign yield declines.
