Friday, February 1, 2019

Daily Market Report 2/1/19 A lot to go over today on the Economic Calendar, as we have a few reports added, due to the Gov't Shutdown.  The biggie today, is the Nonfarm Payroll for the month of January, which jumped to 304k, but the previous 2 months combined were revised lower by 70k; which brings the 3 month avg around 241k -still very good!  The Unemployment Rate increased from 3.9% to 4% due to the Gov't Shutdown.  Average Hourly Earnings rose modestly to 0.1% and dropped from 3.3% to 3.2% YoY; however, the Weekly Earnings increased from 3.2% to 3.5% -pretty significant jump, which Fed will watch for Inflation.  Manufacturing had improving numbers, as we have 2 indices to report.  The Markit Manufacturing PMI rose from 53.8 to 54.9 in Jan.  The ISM Manufacturing Index rose from 54.1% to 56.6% in Jan.  Construction Spending rose 0.8% in November.  Consumer Sentiment improved from it's initial January reading of 90.7 to 91.2; however, it dropped from December's 98.3 reading.  Wholesale Inventories rose 0.3% in November.  Stocks are Up on the Job data.  MBS is currently down 25bps, which as a result, Mortgage Rates worsened.  Yields climbed up to 2.69%.

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