Deep breath. This morning's news of a better job market has pushed 10-year Treasury yields from 1.63 percent to 1.73 percent overnight, and intercepted the mortgage move below 3.50 percent. Stocks of course to a new high, Dow above 15,000. Breathe again. The job market is not really better, just not as poor as could have been -- markets were looking for worse and didn't get it. We did add 165,000 jobs in April and revised up the two prior months, but the average workweek and overtime declined. Wages are rising at a 1.9 percent annual pace, below even diminished inflation, and another 278,000 people looking for full-time work could not find it and took part-time. The twin ISM surveys both fell in April, manufacturing barely positive at 50.7, down from 51.3, and the service sector t...
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