The February employment reports bounced back following the weather-affected weakness in January. Total nonfarm payrolls grew 192,000 in February. Private payrolls grew 222,000 and January’s figures were revised from 50,000 up to 68,000. The biggest payroll losses came from state and local government where 30,000 jobs were lost as municipalities try to cope with shrinking budgets. The manufacturing sector added 33,000 jobs bringing their 12-month total of job growth to 189k, the best 12-month period for manufacturing since 1997. The increase in payrolls was very much in line with market expectations.
The good news for us is mortgage spreads are tightening this morning, so you will see pricing better by .25% to .375%.
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