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Bob Carey
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  US Economy and Credit Markets Ended July 2, 2021
Posted Under: Weekly Market Commentary

U.S. Treasury bond yields fell across the yield curve last week with steeper declines on the long end of the yield curve. Treasury yields trended down most of the week on weaker volume leading up to Friday's June jobs report. Treasury yields were lower on Friday in response to the mixed jobs report data. Nonfarm payrolls increased 850,000 in June versus a consensus expected 720,000 as gains in the private sector were higher than expected. Despite the headline beat in jobs, the unemployment rate rose by 0.1% last month to 5.9%. Civilian employment declined in June by 18,000, which contributed to the increase in the unemployment rate. The unemployment rate is expected to decline as the extra unemployment benefits are reduced at the state level and expire at the national level in September. Major economic reports (related consensus forecasts, prior data) for the upcoming holiday-shortened week include Tuesday: June Final Markit US Services PMI (64.8, 64.8), June Final Markit US Composite PMI (n/a, 63.9), June ISM Services Index (63.5, 64.0); Wednesday: Jul 2 MBA Mortgage Applications (n/a, -6.9%); Thursday: July 3 Initial Jobless Claims (350k, 364k), June 26 Continuing Claims (3350k, 3469k), July 4 Langer Consumer Comfort (n/a, 55.1), May Consumer Credit ($18.500b, $18.612b); Friday: May Final Wholesale Inventories MoM (1.1%, 1.1%).

Posted on Tuesday, July 6, 2021 @ 9:28 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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