Jobs miss
The US nonfarm payrolls report showed employment growing by a lower-than-expected +142,000.
Source: BLS
The unemployment rate held fairly steady as expected at 4.2 per cent.
However, there were downwards revisions to the preceding two months by a combined -86,000, taking the 3-month average for employment gains down to just +126,000 (and below 100,000 for the private sector).
A disappointing set of numbers for hiring, which saw the 2-year bond yield drop by around 7 basis points to 3.67 per cent.
Markets are pricing a 50 basis points cut this month by the Federal Reserve as 55 per cent likely (versus 45 per cent for a 25 basis points cut).
