Daily Market Update 3/4/11

Mortgage rates inched lower Friday in extremely volatile trading following today’s Employment Report for February. The economy added 192,000 jobs last month, close to expectations. The Unemployment Rate fell to 8.9% against a consensus forecast of 9.1%. Average Hourly Earnings, a proxy for wage growth, remained unchanged from January. Factory Orders rose 3.1% last month. An increase of 2.1% had been expected. Next week will be relatively quiet in terms of new economic data with the exception of Friday’s report on Retail Sales. The Treasury will hold auctions of 3-, 10-, and 30-year securities over three days, beginning Tuesday. No other key data will be released today.

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