Michael Gapen Says Treasury Markets Are Likely Responding to Wage Data

The video discusses how treasury markets are reacting to recent wage data revisions, highlighting discrepancies between supervisory and non-supervisory worker earnings. It explores the potential impact of one-off bonuses from tax cuts on wage data and suggests that markets are responding to unexpected wage increases. Additionally, the video notes stronger-than-expected performance in the goods sector, particularly in construction and manufacturing.

What was the main reason for the treasury markets' reaction to the wage data?

• A decrease in supervisory worker wages

• An upward surprise in January wage data

• A decline in non-supervisory worker wages

• A decrease in December wage data

What percentage of the workforce is made up of production and non-supervisory workers?

• 70%

• 85%

• 50%

• 90%

What is suggested about the one-off bonuses from tax cuts?

• They are fully reflected in the wage data

• They might not yet be reflected in non-supervisory wage data

• They have no impact on the wage data

• They are only affecting supervisory wages

What sector showed stronger-than-expected performance in the employment data?

• Healthcare

• Goods sector

• Technology

• Retail

Which industries contributed to the solid hiring in the goods sector?

• Retail and healthcare

• Construction and manufacturing

• Technology and finance

• Education and transportation