Knowing is Half the Battle
Record low unemployment
3.4%
While the 253,000 jobs number grabbed the headlines, the 3.4% unemployment number represents the lowest reading since 1969. These headlines were enough for the stock market to launch what is widely viewed as a “relief rally.” As in, markets were relieved the number was not bad, given dour economic reports earlier in the week. However, bond yields rose in anticipation of more rate hikes. And there was evidence of wage pressure in the report. Reading the economic tea leaves is always a challenge, and this time is no different.
The Fed will get to review one more jobs report before their next meeting, so handicapping the “pause” is difficult.
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