The Institute for Supply Management’s factory index rose to 60.8 in January, reflecting accelerating growth in the U.S. manufacturing sector. In positive news for the labor market the employment gauge of this report showed manufacturers are more willing to hire as sales pick up. This is supporting data for the 140,000 new jobs created in December that Friday’s payroll report is estimated to show.
U.S. stock markets moved sharply higher on this data, ignoring the continued unrest in the Egypt and the Middle East, and U.S. Treasury prices fell, sending the yield on the 10 year note back to 3.44%. Recall that last Friday we briefly touched a yield of 3.31% on the 10 year note. Mortgage prices are approximately .375% to .50% worse than Monday.
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