Daily Market Update 5/2/14

Mortgage rates faced upward pressure Friday in volatile trading following the release of stronger than expected Employment data.  The economy added 288,000 jobs last month, far above the consensus forecast of 215,000.  The Unemployment Rate fell to 6.3%.  Reaction by investors was somewhat muted by a closer analysis of the data, showing that 806,000 people left the labor force in April, which was the primary reason for the reduction in the Unemployment Rate.  Also, Average Hourly Earnings were unchanged, falling short of expectations.  Separately, Factory Orders rose by 1.1%, a bit below forecast.  No other key economic data will be released today.

Back to top