Daily Market Update 6/1/12

Disappointing economic data pushed mortgage rates to new lows on Friday.  This morning, the Employment Report showed just 69,000 net jobs created in May, while the Unemployment Rate rose to 8.2%.  Average Hourly Earnings, a proxy for wage growth, increased slightly.  April Personal Income fell short of forecast.  The April Core PCE price index, the Fed’s preferred measure of inflation, rose at a 1.9% annual rate, a bit less than expected.  The Institute for Supply Management manufacturing index declined to 53.5, below expectations.  Stocks moved sharply lower.  No other key data will be released today.

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