Or is it?
We just received the latest employment report from the BLS. It was surprisingly strong with a gain of 216,000 jobs in December 2023. This was well above the expected gain of 175,000 jobs. Of note, however, were significant downward revisions to the prior two months totaling 71,000 jobs. The unemployment rate remained 3.7%.
Markets are reacting to this stronger-than-expected report with bonds and stocks selling off. The yield on the 10-year treasury bond is now back above 4.0%.
Here is ZeroHedge's initial take:
Jobs Shocker: December Payrolls Unexpectedly Surge As Wages Jump
So much for a March rate cut.
Tyler Durden