US Stocks rose slightly yesterday as investors got a slew of good economic data about the labor market and the non-manufacturing sector.
The payroll company ADP reported that the private sector in the US soared in September as employers added 230,000 jobs in which is the most in any month since February. The gains were well above what economists had expected.
The institute for supply management survey of non-manufacturing firms climbed to a 21 year high, its highest level in this current 9 year expansion. The survey of business executives pointed to the strongest US growth last month in more than 2 decades. The biggest challenge for businesses right now is finding skilled workers.
With all of the good economic data bonds across the yield curve sold off as the 10 year Treasury Note yield reached its highest level since 2011 and the 30 year reached its highest yield since 2014.
With Northwest Quadrant Wealth Management I’m Tyler Simones