Friday, June 4, 2021

Daily Market Report 6/4/21  The Bureau of Labor Statistics (BLS) released their reports today, which is the data we've been waiting for this week!  The Non-Farm Payrolls improved last month's dismal 278k to 559k in May.  This is still much lower than expectations that were ranging from 700k to 1 million.  Average Earnings jumped up .5% in May, as well, while employers are trying to entice workers to come back to work.  The Average Work Week remained Unchanged at 34.9 hours per week.  The Unemployment Rate dropped from 6.1% to 5.8% in May.  Lastly, Factory Orders dropped 0.6% in April while they deal with the shortages in labor and materials.  Stocks are Up today, as Investors feel that the Fed won't make any changes to their current policies based on employment data being released over the past 2 months.  There was a comment by Cleveland's Fed Member Mester, which she mentioned that the higher wages haven't been included in the underlying inflation data.  This will be interesting to see, as wages make up a great portion of the inflation data.  Lastly, Investors are keeping one eye on any progress on the Infrastructure spending proposals.  Meanwhile, after a tough start, MBS is Up 27bps (testing it's 25 DMA once again!).  Mortgage Rates are improving a bit today!  Also, Yields have fallen back down to a pretty tough floor of support by 1.56%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

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