Daily Market Update 10/5/12

Mortgage rates faced upward pressure Friday following the September Employment Report.  The economy added 114,000 jobs last month, slightly below forecast, although the Unemployment Rate fell unexpectedly to 7.8%, the lowest level since January 2009.  The Unemployment Rate is based on a survey of households, while the Payrolls data is based on information collected from businesses.  Average Hourly Earnings increased 0.3%, beating expectations.  Stocks moved higher.  No other key data will be released today.

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