Daily Market Update 5/1/13

Rates inched lower Wednesday following the release of weaker than expected economic data.  This morning, payroll firm ADP forecast private sector job growth of 119,000 in April, far below the consensus of 155,000.  The Institute for Supply Management manufacturing index fell to 50.7.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Construction Spending declined by 1.7%.  An increase of 0.5% had been expected.  The Fed wraps up its two day FOMC meeting to discuss monetary policy this afternoon and will make an announcement at 2:00 PM.  No rate changes are expected, but investors will be looking for the latest news on the Fed’s view of the labor market and the “Quantitative Easing” bond buying program.

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