Rates Drop in Anticipation of Unemployment Data Tomorrow
31 January 2008
Bonds were up today on stock market weakness and anticipation of weak employment data tomorrow. Expect rates to improve by .25 to the points today.
Today’s reports had little influence on rates. The Q4 Employment Cost Index came in as expected, and the January Personal Income and Outlays report showed higher than expected readings, but was overshadowed by anticipation of a weak January employment report tomorrow.
In addition to the Employment data from the Labor Department, we’ll also get tomorrow the ISM report, which measures the strength of the manufacturing sector. But be assured, all focus will be on the non-farm payroll in the Employment report.
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