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From the Desk - Economic Commentary

Brandon Casey, Member Strategies - 12/2/2022

U.S. stocks are lower to begin Friday after the November jobs report was hotter than expected. The report has investors concerned that the Fed may not be able to slow the pace of rate hikes as much as hoped. On the week, the S&P 500 and Nasdaq are both on track to post a slight gain, while the DJIA is on pace to post a loss.

Looking at the jobs report, nonfarm payrolls rose by 263,000 for the month, well above expectations of 200,000. The October report also saw an upward revision of 23,000 to 284,000. The unemployment rate held steady at 3.7%. Average hourly earnings increased 0.6% for the month, doubling expectations, and were up 5.1% over the past year. The labor force participation rate ticked down to 62.1%.

U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 10.3 basis points to 4.36%, the 5-year Treasury yield up 9.3 basis points to 3.77%, and the 10-year Treasury yield up 7.4 basis points to 3.60%. Advance rates are lower throughout most of the curve today.

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