Source: US Dept. of Treasury End of Day
• Interest rates rose during the week with the 2-year Treasury note yield rising by 14 basis points to 3.89% while the 5-year Treasury note increased by 10 basis points to 3.94%.
• The economy added 147 thousand workers to payrolls in June, beating expectations while the unemployment rate fell to 4.1%.
• The headline number of the June payrolls report may have masked some underlying weakness as state and local governments provided an outsized contribution while private payrolls added only 74 thousand new positions – the lowest since October 2024.
• The unemployment rate fell from 4.2% to 4.1%, which would be indicative of a robust job market, however, the labor force participation rate decreased to its lowest level in a year and a half, contributing to the drop in the unemployment rate as the pool of available workers shrank.
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