The excellent news? The US economy added 253k jobs in April. The bad news? Last months jobs report of 236k jobs added was revised downwards to 165k jobs added.
US average hourly earnings year-over-year (YoY) rose in April to 4.4%. Too bad core inflation on the last reading also rose to five.6% YoY.
Yes, Biden and his talking heads will talk in regards to the 253k jobs added, but will ignore (after all) the massive downward revision of March’s jobs added. 236k revised downwards to a mere 165k.
And on the nice jobs report, the 10-year Treasury yield jumped by 10.9 basis points.
And the US Treasury 2Y-3M curve has dropped off the top of the earth.
