Weekly Economic Update: August 10th, 2020
• Treasury yields increased slightly over the week as the two-year note rose by two basis points to 0.13% while the five-year note increased by one basis point to 0.22%.
• 1.8 million jobs were added in July exceeding economist expectations of 1.5 million. Unemployment fell to 10.2%.
• The pace of rehiring has slowed considerably since May, and 13 million Americans that held jobs in February are still without work suggesting that the rebound in the labor market is losing steam.
• Both manufacturing and non-manufacturing ISM indices are now in expansion territory pointing towards a significant rebound in GDP growth during Q3.