Daily Market Update 12/5/13

Mortgage rates were little changed Thursday in spite of stronger than expected economic data.  Weekly Jobless Claims fell to 298,000, far below the consensus forecast of 330,000.  Third quarter GDP was revised higher to 3.6% from 2.8%, although most of the increase was due to a buildup of inventories, meaning that production was pulled forward from future quarters.  Estimates for fourth quarter GDP will likely be revised lower.  Factory Orders declined by 0.9%, close to expectations.  No other key data will be released today.  The closely-watched Employment Report for November will be released tomorrow at 8:30 AM.

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