Private payrolls in the US increased by 172,000 in June, according to this morning’s release of the ADP Employment Report. The gain, although modest by the standards of the last several years, marks the strongest advance since March. But the annual pace of growth dipped to a three-year low, providing more evidence that the labor market’s expansion continues to decelerate.
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After dipping to a record low of 1.37% on Tuesday, the benchmark 10-year Treasury yield ticked higher yesterday (June 6), settling at 1.38%, based on daily data from Treasury.gov. Has the downside bias run its course? The answer awaits in the incoming economic data. Meantime, recent US numbers are sending mixed signals and new questions raised in the post-Brexit world order aren’t helping.
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