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From the Desk - Economic Commentary

Brandon Casey, VP, Member Strategies - 12/3/2021

U.S. stocks are lower as investors digest an economy that added fewer jobs than expected in November. Beginning with the jobs report, nonfarm payrolls increased by 210,000 for the month, well below expectations of 573,000. On the positive side, the unemployment rate fell four-tenths to 4.2%, easily beating expectations of 4.5% and the lowest level of the pandemic. Average hourly earnings increased by 0.3%, just below expectations of 0.4%.

Elsewhere, the ISM Services Index unexpectedly increased to a reading of 69.1, setting an all-time high. Within the report, business activity increased to 74.6, up nearly five points from the previous reading. Elsewhere, the Markit U.S. Services PMI increased one point to 58.0 in the final November reading.

Lastly, factory orders increased 1.0% in October, beating expectations of 0.4%. Core capital goods, a measure of business investment, rose by 0.7% for the month.

U.S. Treasury yields are flatter this morning, with the 2-year Treasury yield up 2.8 basis points to 0.65%, the 5-year Treasury yield down 0.4 basis points to 1.21% and the 10-year Treasury yield down 1.1 basis points to 1.44%. Long-term advance rates are higher today.

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