Daily Market Update 6/2/08

Mortgage rates were little changed Monday on news that April Construction Spending fell less than expected and the ISM Index, a key measure of the manufacturing sector, came in at 49.6 for May, up from 48.6 the previous month. While a reading below 50 indicates contraction in manufacturing, the increase was not expected. In other economic news, oil prices dropped below $126 a barrel and the Dollar was higher against the Euro. The main event for the week will be Friday’s Employment Report. Early estimates are for a net loss of 50,000 jobs in May.

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