Daily Market Update 4/5/12

Mortgage rates dipped Friday following the release of weaker than expected employment data.  The economy added 120,000 jobs in March, the fewest in five months, and well below forecast.  The Unemployment Rate, which is calculated differently, unexpectedly dropped to 8.2%.  The decline was largely due to people leaving the work force.  Average Hourly Earnings, a proxy for wage growth, increased at a 2.1% annual rate.  Next week, the Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released on Wednesday, the Producer Price Index will come out on Thursday, and the Consumer Price Index on Friday.  No other key data will be released today.  Mortgage-backed securities markets will close at noon ET in observance of Good Friday.

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