Industry News
Mortgage Industry News
Stronger Than Expected Employment Data
10/07/2011
Stronger than expected Employment data pushed MBS markets lower this morning. Against a consensus forecast of 60K, the economy added 103K jobs in September, and the data for July and August was revised higher by 99K. The Unemployment Rate remained at 9.1%, as expected. Average Hourly Earnings, a proxy for wage growth, increased 0.2% from August. The good news for the economy is that the Employment report surpassed expectations and makes a recession look less likely. Still, stronger job gains are needed to bring down the Unemployment Rate. The Dow is up 50 points. No more economic data will be released today.
