The Labor Department reported the U.S. economy added 290,000 jobs in April, and the March increase was revised upward to 230,000. The unemployment rate, however, rose from 9.7% to 9.9%. Expectations had been for new job creation of 180,000 to 190,000, so the surprise to the upside immediately drove bond price lower, prices higher.
As anticipated, the markets have shrugged off the employment data, continuing to focus on the situation in Europe. This is good news for us as prices for mortgages are slightly better than Thursday. Enjoy another opportunity to lock your borrowers at very low interest rates.
Have a great weekend, and do not forget Mother’s Day!!
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