An ominous sign in for the employment picture as weekly jobless claims for the week ending April 30 rose to 474,000 from 431,000. Four consecutive reports over 400,000, in addition to consecutive drops in ISM employment readings and it looks as though the labor data may be coming into another soft-patch. The previously mentioned data places more emphasis on Friday’s jobs data with expectations for total payrolls to grow at 185,000 versus last month’s 200,000 gain in private payrolls, and a 15,000 loss in government payrolls.
The weak economic data has helped treasuries continue to rally this week with the yield on the10 year dropping from 3.26% to 3.22% yesterday and down to 3.18% this morning. Mortgage prices continue to improve as well, with pricing .125% to .25% better than Wednesday.
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