Daily Market Update 5/5/11

Mortgage rates inched lower Thursday following the release of weaker than expected jobs data.  Weekly Jobless Claims jumped to 474,000, far above the consensus forecast, but was partly due to one-time events that distorted the data.  Investors are more concerned that the four-week average shows a general weakening of the employment picture.  Productivity fell to 1.6%, beating expectations.  The European Central Bank (ECB) made no change in rates despite recent inflationary pressures.  The closely-watched Employment Report for April will be released tomorrow at 8:30 AM.  No other data will be released today.

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