Daily Market Update 8/3/09

Rates moved higher Monday following the release of stronger than expected economic data. The Institute for Supply Management (ISM) reported July manufacturing shrank less than forecast, with an ISM index reading of 48.9, the highest level in 11 months. Separately, Construction Spending rose 0.3%. A decline of 0.5% was expected. Stocks and oil prices moved higher. Ford reported July sales increased 2.3% over June, the first month-over-month increase since 2007. The government “cash for clunkers” program was credited with the increase. No other economic data will be released today.

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