Daily Market Update 3/1/12

Mortgage rates inched higher Thursday as investors continued to react to yesterday’s comments from Fed Chairman Ben Bernanke.  In economic news, January Core PCE price index, the Fed’s preferred measure of inflation, was 1.9% higher than one year ago.  Personal Income increased 0.3%, close to expectations.  Weekly Jobless Claims held steady at 351,000, slightly below forecast.  The Institute for Supply Management manufacturing index fell unexpectedly to 52.4 from 54.1.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending declined by 0.1%.  An increase of 1.0% had been forecast.  No other key data will be released today.

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