http://MikesDailyMarketReport.com: Today is the Big Jobs data by the Bureau of Labor Statistics (BLS)! We'll start with the Average Earnings (MoM) for November, which rose 0.3%; while the Average Work Week increased by 0.1 to 34.8 hrs/week. The Non-Farm Payrolls came in at 210k, which was WAY below it's forecast of 550k. However, it's Unemployment Rate dropped from 4.6% in October to 4.2%. Meanwhile, Factory Orders increased 1.0% in October; and the ISM Non-Manufacturing (Services sector) jumped up to 69.1 (anything above 50 is expansion). The Markets showed a lot of Uncertainty early in trading, as they didn't know how to respond to a low Jobs number, but also see a lower Unemployment number. Currently, Stocks are selling. Investors are concerned at the timing of the Fed's abrupt policy change to taper faster, then raise interest rates sooner approach, given the uncertainty of the new variant's impact with the Markets and economy, along with the low jobs number. MBS was in Uncertain territory for much of the morning, but has shifted into positive territory, as more investment dollars leave the equities market to a "flight to safety". Currently, MBS is Up 13bps, so Mortgage Rates are improving. They're more close to yesterday's start of the day, as we saw pricing deteriorate later in the day yesterday. Also, we're seeing a very big drop in Yields, as it's now striking upon 1.38%.
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