The first of three big economic reports this week showed that manufacturing activity grew in September. The Institute for Supply Management reported its factory index rose to 51.6 from 50.6 in August. The steady decline in this index leading up to September had many worried the U.S. was falling into a double dip recession.
The remaining two reports on which the markets will focus are the ISM non-manufacturing, which will be released Wednesday, and the jobs data, which will be released Friday. Friday’s non-farm payroll report is expected to show 56,000 new jobs were added to the U.S. economy in September with the unemployment rate remaining steady at 9.1%.
Once again, the over-riding factor in the markets today comes from Europe as Greece is projected to now fall short of its 2012 goal of cutting its deficit to 6.5% of GDP. This puts in jeopardy a planned second international bailout and a growing risk Greece will default on a portion or all of its outstanding debt.
U.S. Treasury prices are higher aging this morning after some ugly stock sessions in Asia and Europe, and mortgage prices have improved by approximately .25%.
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