Daily Market Update 1/10/14

Mortgage rates inched lower Friday following the release of disappointing Employment data.  Against a consensus forecast of 200,000, the economy added just 74,000 jobs in December.  Some analysts feel that bad weather was a factor, as the construction sector was extremely weak.  Separately, the Unemployment Rate fell unexpectedly to 6.7%, the lowest level since October 2008, however job gains accounted for a small portion of the decrease.  Most of the decline resulted from a large number of workers leaving the labor force.  Average Hourly Earnings, a proxy for wage growth, came in below expectations.  Stocks moved lower.  No other key economic data will be released today.

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