Employment data

Despite a weak ADP jobs print, Treasury yields went nowhere, reinforcing a growing bearish, defensive case for rates, according to the CEO of IF Securities.

Nonfarm payrolls increased 64,000 in November after declining 105,000 in October, according to Bureau of Labor Statistics data out Tuesday.

Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months.

Continuing claims, a proxy for the number of people receiving benefits, came in at 1.957 million, up slightly from 1.947 million in the prior week.

Private-sector payrolls increased by 42,000 after a revised 29,000 decline a month earlier, according to ADP Research data released Wednesday.

Trump appointed Antoni, who has been vocal about his concerns with BLS jobs data and revisions, in a Truth Social post Monday. The position is subject to Senate confirmation.

Even with 4,000 public sector cuts, total employment numbers were surprisingly high, which raises questions about whether financing costs will keep falling.

Total jobs and nonbank industry payrolls saw gains, but unemployment increased on a net basis too in what's been a volatile bond market.

Economists cautioned that October's employment report may not provide a fully accurate representation of the economy due to recent hurricanes.

Stronger than expected numbers for overall U.S. employment additions have diminished lender hopes for steeper rate drops, and industry hiring has been tepid.

Other estimates suggest nonbank mortgage employment grew in July as the industry cautiously added staff to handle incremental growth in demand for loans.

The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.

Job numbers for brokers have held up better than lenders, but both segments will be challenged by broader employment strength that makes rate cuts less likely.

The annual reconciliation shows nonbank cuts were deeper than the initial read suggested, and comes as the latest numbers for broader employment show a surge.

The number, juxtaposed with a recent survey that suggests companies will hire, raises questions as to whether numbers have bottomed out. Much depends on rates.

While home lending employment fell, a stronger-than-expected report on the broader labor market immediately raised concerns about the potential for higher interest rates.

The broader economy added 150,000 positions, a number the bond market initially read as likely to soften rates, but some economists interpreted differently.

The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.

Nonbank brokers and lenders typically scale back after the spring homebuying season and the housing market could be particularly slow for the rest of this year.