Daily Market Update 12/5/12

Rates were little changed Wednesday in quiet trading.  This morning, payroll firm ADP forecast private sector job growth of 118,000 in November, slightly below expectations.  Third quarter Productivity was revised higher to 2.9%, while unit labor costs fell by 1.9%.  Increased output per worker at a lower cost is good for the economy as a whole, but makes it more challenging for those seeking employment.  The Institute for Supply Management services index rose to 54.7, beating expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  Stocks were mixed.  No other key data will be released today.

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