Daily Market Update 10/7/11

Rates moved higher Friday following the release of stronger than expected employment data.  The economy added 103,000 jobs in September, well above the consensus forecast of +60,000.  Also, the data for July and August were revised higher by 99,000.  The Unemployment Rate remained at 9.1%.  Average Hourly Earnings, a proxy for wage growth, increased by 0.2%.  The relative strength of the report reduces the likelihood of another recession.  Stocks moved higher.  Next week, minutes from last month’s FOMC meeting of the Fed will be released on Tuesday, Retail Sales will come out on Friday.  No other key data will be released today.

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