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Economic Update - Strong Jobs
Stocks opened lower but have pared most of the losses as investors digest the latest jobs report and continued corporate earnings. The jobs report was much stronger than anticipated, showing the labor market is proving resilient despite the Fed rate increases. All 3 major averages are higher on the week.

For economic data today, nonfarm payrolls jumped 517,000, well above expectations of 187,000. It was the biggest increase since July. The unemployment rate fell to 3.4%, below estimates of 3.6% and the lowest level since 1969. Average hourly earnings rose 0.3% during the month and 4.4% over the past year, below estimates of 4.9%.

The ISM Services Index rose out of contraction territory to a reading of 55.2 in January. The increase was bigger than expected and was the biggest monthly increase since June 2020. The final print of the January S&P Global Services PMI was revised higher to a reading of 46.8.

Treasury yields are higher, with the 2-year T yield up 18.6 basis points to 4.28%, the 5-year T yield up 17.9 basis points to 3.66%, and the 10-year T yield up 14.7 basis points to 3.54%. Advance rates are higher throughout much of the curve.
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