http://MikesDailyMarketReport.com: Today is the BIG Day for Investors, as they await the BLS' Jobs data. Even though there was some positive revisions (approximately 150k) to the previous 2 month's data, Investors are very disappointed with the 235k number that the BLS reported for August. However, the Unemployment Rate still dropped from 5.4% to 5.2% in August. Average Earnings rose 0.6% in August, which is a bit concerning, as this will be inflationary data. The Average Workweek remained Unchanged at 34.7 hours/week. Lastly, the ISM Non-Manufacturing PMI dropped from 64.1 in July to 61.7 in August. Anything above 50 is considered Positive/Expansion. Stocks are in Mixed Territory, as there are 2 Camps battling it out. Those whom believe the Fed will continue to taper this year; and those whom think it will be delayed. This data has created a lot of Uncertainty, which we may not have info from the Fed to go on until we hear from Fed Chair Powell and some of the other Fed members. They will meet later this month. We're seeing that uncertainty with MBS today, as there were some wild swings in both directions; and it's currently Down 8bps. Depending upon when the Lender came out with their pricing, then Mortgage Rates should look much like yesterday's pricing; but it's possible that it may be a little worse too. Especially, as they may take a more conservative approach heading into a long weekend (Labor Day weekend). Yields are climbing so far; and are just under 1.33%. Normally, this BIG miss would have been good for both Markets, but the Uncertainty between the 2 factions are pulling money out of both Markets ahead of the long weekend!
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
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.