Daily Market Update 10/8/10

Mortgage rates inched lower Friday following the release of weaker than expected employment data. The economy lost 95,000 jobs in September, more than forecast. The private sector actually added 64,000 jobs, but state and local governments continued to shed jobs rapidly. The Unemployment Rate, which is calculated differently than the Non-farm Payrolls report, remained at 9.6%. A broader measure, which also includes the “under-employed”, rose to 17.1%, matching the high reached in April. Investors believe today’s data will add pressure on the Fed to undertake additional monetary stimulus action. No other data will be released today.

Leave a Reply

Your email address will not be published.

Back to top