Daily Market Update 7/3/14

Rates moved higher Thursday following the release of stronger than expected employment data.  The economy added 288,000 jobs in June, far above the consensus forecast of 210,000.  The Unemployment Rate fell to 6.1%, to the lowest level since September 2008.  Average Hourly Earnings were 2.0% higher than one year ago, matching expectations.  Separately, weekly Jobless Claims rose to 315,000, in line with forecast.  Stocks moved higher.  In other news, the May Trade Deficit was slightly lower than expected, while the Institute for Supply Management services index fell to 56.0, a bit below expectations.  The mortgage-backed securities market will close at 2:00 PM today in observance of Independence Day.  Have a safe weekend!

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