Daily Market Update 10/22/13

Rates inched lower Tuesday as weaker than expected employment data boosted mortgage-backed securities.  The economy added 148,000 jobs in September, below the consensus forecast of 180,000.  The Unemployment Rate dipped to 7.2%, the lowest level since November 2008.  The decline was due to a combination of job gains and to the number of people who left the work force, meaning they stopped seeking employment.  The disappointing results may cause the Fed to delay tapering bond purchases until early 2014.  In other news, Construction Spending rose 0.6%, slightly above expectations.  No other key data will be released today.

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