Daily Market Update 9/2/11

Rates inched lower Friday following the release of weaker than expected employment data.  The U.S. economy added no net jobs in August, and the figures for June and July were revised lower by 58,000.  The unemployment rate remained at 9.1%.  Average Hourly Earnings, a proxy for wage growth, declined unexpectedly.  Stocks fell sharply.  In addition, investors grew more concerned about the health of European banks and the willingness of Italy’s political leaders to implement austerity measures.  Next week will be relatively quiet in terms of new economic data.  Markets will be closed on Monday in observance of Labor Day.

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