Daily Market Update 9/2/09

Mortgage rates inched lower Wednesday as the 30-year fixed Fannie Mae required net yield fell to its lowest level since July 14. This morning, second quarter Productivity was revised higher to +6.6%, as manufacturers cut expenses. Unit labor costs fell 5.9%, the biggest decline in 9 years. Factory Orders rose 1.3%, below forecast. Minutes from last month’s FOMC meeting will come out at 2:00 PM. No other economic data will be released today.

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