This week is heavy with economic data and the headline number will be Friday's jobs report. Given the weaker economic data presented the past few weeks economists have lowered job growth expectations to below 200,000 to approximately 180,000.
This morning the S&P CaseShiller Home Price Index reflected housing prices in the 20 MSAs measured are down 3.61% year over year. This tells us home prices have yet to find a bottom, with Seattle and Washington D.C. the only areas with stability.
A regional economic report, the Chicago Purchasing Managers Index, fell sharply from 67.6 in April to 56.6 in May, reflecting a weakening manufacturing sector as consupmtion slows.
U.S. stock markets began the day sharply higher, but have since given back half of their gains on the weak economic data. The weak data had the opposite effect on U.S. Treasuries as the yield on the 10 year note began the day at 3.09% and has since fallen to 3.06%.
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