Friday, October 8, 2021

Daily Market Report 10/8/21

 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.

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.



No comments:

Post a Comment