Brian Chappatta, Columnist

Jobs Data Was ‘Perfect Miss’ for Fed and Fiscal Stimulus

A slowing labor market doesn’t spell doom for the recovery, but it will keep pressure on Congress to pass additional assistance.

December 4, 2020 at 3:17 PM UTC

By Brian Chappatta

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Not a sign you want to see during the holidays.
Photographer: Gabby Jones/Bloomberg

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“Perfect miss.”

That was the first reaction to the November jobs report I saw on Twitter. And it turned out to be exactly right in the eyes of the $20.4 trillion U.S. Treasury market. The benchmark 10-year yield extended its climb, increasing 6 basis points on the session to 0.97%, breaking through to its highest level since March.