Source: US Dept. of Treasury End of Day
• Rates decreased last week with the 2-year Treasury note yield decreasing by ten basis points to 3.51% while the 5-year note decreased by eleven basis points to 3.62%.
• The Labor Department’s September jobs report, delayed seven weeks by the shutdown, showed nonfarm payrolls rising by 119,000—more than double expectations and lifting the three-month average to 62,000.
• Despite strong payroll gains, the unemployment rate edged up to 4.4% as labor force participation surged, driven by women and younger workers entering the job market amid economic pressures.
• Average hourly earnings grew 3.8% year-over-year, maintaining purchasing power above inflation; recent three-month wage growth averaged 4.02%, the strongest since last November.
• Leisure and hospitality accounted for 40% of September’s job gains, underscoring reliance on discretionary spending and vulnerability to market-driven wealth effects.
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