Daily Market Update 12/7/12

Rates inched higher Friday as stronger than expected employment data caused a decline in mortgage-backed securities.  The economy added 146,000 jobs in November, but the data from prior months was revised lower by 49,000.  The Unemployment Rate fell to 7.7%, the lowest level since December 2008, however the majority of the decline was due to workers leaving the labor force.  Average Hourly Earnings, a proxy for wage growth, rose 0.2%.  Consumer Sentiment fell sharply to 74.5, far below expectations.  The biggest economic event next week will be the two-day Fed meeting that will wrap up on Wednesday.  Investors will also remain focused on budget negotiations in Washington.  No other key data will be released today.

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