U.S. Treasury yields fall as data show slowest job growth in pandemic recovery [View all]

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Last edited Thu Jun 2, 2022, 10:08 AM - Edit history (1)

Source: CNBC

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U.S. Treasury yields fall as data show slowest job growth in pandemic recovery

PUBLISHED THU, JUN 2 2022 3:29 AM EDT UPDATED AN HOUR AGO
Matt Clinch
@MATTCLINCH81
https://twitter.com/MATTCLINCH81

The U.S. 10-year Treasury yield dipped Thursday, as investors looked to employment data showing the slowest pace of job creation in the pandemic recovery so far.

The yield on the benchmark 10-year Treasury note lost 2.7 basis points to 2.904% as of 8:42 a.m. ET. The yield on the 30-year Treasury bond moved 1.7 basis points lower to 3.06%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Private sector employment rose by just 128,000 in May, payroll processing firm ADP reported Thursday. That fell well short of the 299,000 Dow Jones estimate and marked a decline from the downwardly revised 202,000 in April, initially reported as a gain of 247,000.

Rates fell as traders took the ADP report to mean the economy is already slowing, suggesting the Federal Reserve could be less aggressive in tightening monetary policy.

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—CNBC’s Tanaya Macheel and Vicky McKeever contributed to this article.

Read more: https://www.cnbc.com/2022/06/02/us-treasury-yields-dip-ahead-of-employment-data.html

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Private-sector employment increased by 128,000 from April to May, on a seasonally adjusted basis.

https://adpemploymentreport.com/2022/May/NER/NER-May-2022.aspx

https://adpemploymentreport.com/2022/May/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-May2022-Final-Press-Release.pdf

ADP National Employment Report: Private Sector Employment Increased by 128,000 Jobs in May

ROSELAND, N.J. – June 2, 2022 – Private sector employment increased by 128,000 jobs from April to May according to the May ADP® National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.