http://MikesDailyMarketReport.com: Today, we received the Jobs data from the Bureau of Labor Statistics (BLS). They revised their February numbers from 379k to 468k; and March came in at 916k -nearly 1 million new jobs reported!!!!! The Average Work week increased from 34.6 to 34.9 hrs in March, which is very high (compared to historical average in mid-34 hr range). Meanwhile, the Average Earnings dropped by 0.1% MoM in March. Lastly, the Unemployment Rate dropped from 6.2% to 6.0%. Stocks are Up on the Job data! Meanwhile, MBS dropped 16bps, which led to slightly higher (about .125% rate) Mortgage Rate in the ratesheets today. Yields rose to 1.71%.
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