Friday, June 3, 2022

Daily Market Report 6/3/22  The Bureau of Labor Statistics (BLS) released several Jobs reports today for the month of May.  They reported that Average Earnings rose 0.3%, while the Average Workweek remained Unchanged at 34.6 hrs.  The Non-Farm Payrolls came in with 390k and an upward revision of 8k to April's data.  Unemployment Rate remained Unchanged at 3.6%.  Lastly, the ISM Services PMI dipped to 55.9%, which is still in expansion territory.  Stocks are in Negative Territory, as they watch the data being released, listening to Fed Members on Fed Policy and CEOs with some pessimistic outlooks.  MBS dropped on the Jobs data, but the ISM data gave it a little boost.  Currently, MBS is Down 19 bps from yesterday's close.  This is enough for Lenders to have less favorable pricing on their rate sheets compared to yesterday.  Also, Yields have continued to rise, as it's now up to just a hair under 2.96%.

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