The Bureau of Labor Statistics just released its Unemployment Report for last month and the news was mostly good. Non-Farm Payrolls rose by 638k and that beat estimates of 580k. September’s rise was revised to 672k from 661k. The Unemployment Rate plunged to 6.9% from 7.9% versus expectations of a much smaller decline to 7.6%. And, that rate managed to fall even as the Participation Rate rose significantly to 61.7% from 61.4%. It was only expected to rise by one-tenth.
Bond prices are off slightly with the Ten-Year yielding 79 basis points and the Long Bond at 1.57%. Gosh, the Two-Year is still 15 basis points. Crude oil has slipped over $1 to $37.70 while gold’s rally continues to $1,956. Election results are still pending.