That’s right, that’s how many net jobs were created according to Fiday’s Jobs Report. 17,000 jobs were created, well below the 110,000 expected and there were revisions to previous months which erased an additional 58,000 jobs.
Mortgage Bonds reacted to the news, moving higher by approximately 30 basis points. The 3.50% coupon finished the week at $101.72, a gain of 94 basis points. The conforming 30 Year Fixed rate is priced at 4.125%.
Economic News
ISM report comes in at 50.6, better than expected.
Factory Orders rise more than expected, up 2.4% in July.
Chicago PMI at 56.5 in August vs. 58.5 in July.
Personal income rises 0.3%, slightly less than expected.
S&P Case-Shiller Index up 3.6% in 2Q, down 5.9% from a year ago.
Personal Income rises 0.3%, slightly less than expected.