Friday, April 2, 2021

Daily Market Report 4/2/21  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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