Market commentary

Nonfarm payrolls grew by 216k in March, slightly exceeding expectations. The growth included 230,000 private payrolls and a loss of 14,000 government jobs. The biggest gains came in service-related jobs which grew 199,000 on the month. Manufacturing added 17,000 jobs, marking the fifth straight month of manufacturing job gains. In reaction to the data bonds sold off slightly with the 10-year trading from 3.49% to 3.52% immediately following the release. The stock markets liked this data and are moving higher. In a no “April Fools” joke, there has been a temporary stay in the new loan officer compensation rules until a hearing on April 5, 2011. As a result Home Savings of America will continue to operate under the pre-April 1 rules until further notice.