August 6, 2021
Good morning,
It is here. The moment of the day, the event of the week for sure, and possibly the entire month – July’s employment numbers. Expectations have been looking for a large number 870,000+… It came in at 943,000 – a beat. The unemployment rate came in below expected too – 5.4% vs 5.9%. Market reaction: U.S. 10yr Treasury, down at 1.12% earlier this week is now at 1.27%. A more muted response from equites – Futures are up 5pts since the release of the report. This is an unarguably strong report – the economy’s growth continues on track.
That’s all for this week and for next week as well. I’m off to Maine for a week’s vacation and promise to unplug as you all have encouraged me to do. However, I will keep a wary eye on the tape and report in if something actionable happens but otherwise it will be R&R for me. I hope it’s a good week for you too.
Be well,
Mike