Daily Market Update 5/4/12

Rates inched lower Friday following a disappointing Employment Report for April.  The economy added just 115,000 jobs last month, far below the consensus forecast of 170,000.  The Unemployment Rate fell to 8.1%, largely due to people leaving the work force.  Average Hourly Earnings, a proxy for wage growth, were unchanged from March.  Oil and stock prices fell sharply.  The only key economic report due out next week will be Friday’s release of the Producer Price Index.  The Treasury will auction 3-, 10-, and 30-year securities over three days beginning Tuesday.  No other data will be released today.

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