Payroll Commentary-BBG

Payroll Data Rocks, Stocks Roll Higher

(Bloomberg) — Headline payrolls blew away expectations (especially mine!), rising by a whopping 266k, and there were even 28k upward revisions to the previous month’s data. The unemployment rate dropped back to the cyclical low of 3.5%, though that was a function of a drop in participation –household employment rose by just 83k. Wage growth was modest at 0.2%, setting it up as a pretty Goldilocks figure for stocks…unless the bond market reaction is so severe that it starts to hit equities. I don’t know what level that will happen at, but a 10y yield north of 1.90% will probably come close. To contact the reporter on this story: Cameron Crise in New York at

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