The U.S. July employment data was a little better than expected, showing the economy is declining at a lesser pace.

Much of the improvement in the data appears to stem from the auto sector, where the Cash for Clunkers program has artificially boosted demand and where unusual production schedules are wreaking havoc with seasonal adjustments for payrolls, wages, and possibly production.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.