Daily Market Update 12/3/10

Rates inched lower Friday following a disappointing employment report. The economy added 39,000 jobs last month, well below the consensus forecast of +150,000. The Unemployment Rate rose to 9.8%, the highest level since April. Average Hourly Earnings, a proxy for wage growth, was unchanged. Today’s data makes it less likely that the Fed’s quantitative easing program will end early. Separately, Factory Orders fell 0.9%, while the Institute for Supply Management services index rose to 55.0. Stocks were mixed. No other data will be released today.

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