http://MikesDailyMarketReport.com: Today is the big jobs data from the Bureau of Labor Statistics (BLS). The average earnings rose 0.6% in September, which average work week rose to 34.8 hrs/week. However, the Non-Farm Payrolls disappointed again, as only 194k. There was an expectation of approximately 500k. But, the August numbers were revised higher, from 235k to 366k; but this is still a far miss from it's expection of around 700k-900k. On the flip side, we saw a drop in the Unemployment Rate from 5.2% to 4.8%. I think October will be interesting, as companies begin to layoff non-vaccinated employees, whom won't be on the Unemployment data. Lastly, wholesale inventories continued their 1.2% trend for the 2nd month in a row for August. Investors are Uncertain about the Fed's stand, as the Jobs data disappointed with huge misses for 2 months in a row; and we're entering the fall/winter period when people will be more indoors. This latter comment is the concern for the possibility of another uptick with the delta/corona virus numbers, which again, may slow down the economy. Meanwhile, Congress temporarily avoided a shutdown/default on debts when the Senate passed a temporary increase to the Debt Ceiling, which will be good until Dec. 3rd. Like the Equity Markets, MBS is taking a bit of a beating (again) today, as it's currently Down 16bps. Mortgage Rates rose, as a result. The increase in Mortgage Rates is approximately .125% to the rate. Also, Yields are rising again, to levels last seen in June. It's up to approximately 1.61%. This is adding pressure to MBS. Investors appear to be uncertain, so they're pulling investment dollars out of both markets for the time being.
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