Daily Market Update 8/1/13

Rates were little changed Thursday as mortgage-backed securities gave back yesterday’s late gains on stronger than expected economic data.  Weekly Jobless Claims fell to 326,000, well below the consensus forecast of 345,000, to the lowest level since January 2008.  The Institute for Supply Management Manufacturing Index jumped to 55.4, beating expectations.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending fell by 0.6%.  An increase of 0.5% had been expected.  The European Central Bank (ECB) made no change in rates.  The ECB President suggested that rates would remain at very low levels for an extended period.  Stocks moved higher.  No other key data will be released today.  The closely-watched Employment Report for July will be released tomorrow at 8:30 AM.

Leave a Reply

Your email address will not be published.

Back to top