Source: US Dept. of Treasury End of Day
• Yields moved higher with the two-year Treasury note rising by thirteen basis points to 4.76% while the five-year note jumped by seventeen basis points to 4.23%.
• The labor market added a more than expected 303 thousand workers to payrolls as the job market continued to pick up strength in March.
• Labor force participation increased to 62.7% with men contributing to most of the gain while the unemployment rate fell to 3.8%.
• Along with the increase in participation, Fed members were likely pleased with March’s advance in average hourly earnings, which increased at an annual pace of 4.1% marking the slowest growth in almost three years.
