A.M. Update

Today’s biggest data point came in better than expected, the April Payrolls report. April nonfarm payrolls increased by 428,000 (consensus 395,000) while the prior month’s increase was downwardly revised to 428,000 from 431,000. Nonfarm private payrolls increased by 406,000 (consensus 390,000) while the previous month’s increase was downwardly revised to 424,000 from 426,000. The unemployment…