It seems like everyone's got it in for Treasurys this New Year.
U.S. Treasurys swerved into negative territory Thursday after an economic release showed a far greater number of private-sector jobs were created in December than expected.
Automatic Data Processing and Moody's Analytics reported a 215,000 increase in jobs, compared to 150,000 anticipated by most economists. The upbeat reading bodes well for the much-watched nonfarm payrolls report out Friday.
Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 372,000, the government said.
Which would make this very embarrassing, if it had any basis in reality at all.
While the number of people out of work in Spain fell by 1.2 percent in December mostly thanks to the holiday hiring, according to labour ministry data, analysts were not optimistic for a change in trend in the damaged job market.
"We expect renewed job losses at the start of 2013, with the latest lead indicators suggesting the economy is set to endure further output losses in the first half of 2013," said IHS Global Insight analyst Raj Badiani, forecasting a further labour shake-out.
Back to us:
"The underlying economy has momentum, and the employment data confirms that. The hope and prayer of the market is that our political leaders don't screw it up," said John Brady, managing director at R.J. O'Brien & Associates in Chicago.
But no matter. We're in good hands: Boehner 220, Pelosi 192, whiners 14.
Private sector job gains offer hope for labor market [Reuters]
U.S. Treasurys Swing Into Losses After Jump In ADP Jobs [WSJ]
More Americans Seek Jobless Benefits [NYT]
German and Spanish jobs: To have and have-not [Reuters]