http://MikesDailyMarketReport.com: Today is the day for our BIG Jobs data from the Bureau of Labor Statistics. The Average Earnings rose by 0.2% in January, as the Average Work Week rose from 34.7 hours in December to 35.0 hours in January. However, the Non-Farm Payrolls had a HUGE revision to it's December's numbers (going from -140k to -227k) and the January's data (pretty much) hit it's forecast with 49k. Meanwhile, the Unemployment Rate dropped from 6.7% to 6.3% in January. As we're not seeing many new jobs being created in January, according to BLS, but we've been seeing a drop in the continuing Claims every Thursday; so, where are they going? Perhaps, sitting on the sidelines(?). Stocks are Up on the data, as it indicates more need for the $1.9 Trillion Stimulus Package with Congress (it's being reported to have been passed in Congress 51-50). J&J will be meeting with the FDA late February regarding their Vaccines, which they believe they can rollout approximately 100 million doses in first half of 2021. MBS started lower this morning, but has rebounded some to being Down by 2bps from yesterday's close. Mortgage Rates should be relatively in line, or similar pricing from what we've been seeing the past 3 days. This might set up a big move soon! Let's wait and see! Yields started higher and tried passing another Technical Level at 1.1985, but has lost it and has slid lower, below it's Technical Floor at 1.1557; sitting just at 1.1550. We'll need to watch this for signs of possibly more pressure on MBS (adding to higher Mortgage Rates).
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