Did We Just Hit Peak Growth?

Hmm, it’s a long way down don’t you think?

Today, the US BLS releases its monthly employment data. The expectations were for 950k NFP with some predicting as high as 1.4m new jobs created. The unemployment rate was expected to fall from 6.0% in March to 5.8% in April. Prior to the release, the US 10yr yield was 1.57% and the S&P futures were +9.

BLS said the NFP was 266k and UE was 6.1%. These are massive misses. Stocks bounced around from negative to…