Daily Market Update 8/31/11

Rates were little changed Wednesday in volatile trading.  This morning, the Chicago PMI manufacturing index fell to 56.5, beating forecast.  Payroll firm ADP estimated a net gain of 91,000 private sector jobs in August ahead of this Friday’s Employment Report, a bit less than expected.  Factory Orders rose 2.4%, led by the transportation component.  Stocks moved higher.  The Mortgage Bankers Association weekly purchase activity index increased by 0.9%, while the refinancing activity index decreased by 12.2%.  Average reported 30-year fixed rates fell to 4.32%, not including fees.  No other key data will be released today.

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