http://MikesDailyMarketReport.com: The BLS released their Jobs data today, so we'll start with the Non-Farm Payrolls, which lost 20.5 million jobs in April while the Unemployment Rate soared to 14.7%. This is the 2nd Highest Unemployment Rate now on record. Also, it was just a matter of 2 months ago, that we were at a 50 year low at 3.5%. The Average Hourly Earnings rose 4.7% in April. We think this number is a bit skewed. We think the recent job losses were those in lower paid positions, which their data would help to offset the overall figures. Stocks are Up despite the disheartening Jobs data because of many of the states' re-opening. The phone conference between the 2 sets of officials from the US and China was reported to have gone well. MBS was fighting to break above it's 25 DMA and was up 5bps, but within last few minutes dropped, and is currently Down 5bps. However, this sideways movements translates to no change in Mortgage Rates. Yields broke below their 25 DMA and are fighting to break back above it. It's currently sitting right at the 25 DMA, which is just under 0.66%.
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