Daily Market Update 12/4/13

Mortgage rates moved higher Wednesday following the release of stronger than expected employment data.  This morning, payrolls firm ADP forecast private sector net job growth of 215,000 in November, easily beating forecast.  October figures were also revised higher.  If Friday’s Employment Report shows similar strength, the Fed might begin tapering its bond purchase program known as “quantitative easing” sooner than expected.  In other news, the November Trade Deficit came in at -$40.6 billion, close to expectations.  New Home Sales jumped to 444,000 annual units, above the consensus forecast of 425,000.  The Institute for Supply Management services index fell to 53.9.  Readings above 50.0 indicate expansion in the services sector of the economy.  No other key economic data will be released today.

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