Daily Market Update 12/3/14

Mortgage rates were little changed Wednesday following the release of mixed economic data.  This morning, payrolls firm ADP estimated November private sector job growth of 208,000, below the consensus forecast of 225,000.  Third quarter Productivity was revised higher from 2.0% to 2.3%, a bit below expectations.  Third quarter hourly compensation increased just 2.2% from one year ago, revised down from 3.3% reported last month.  The Institute for Supply Management service index rose to 59.3.  A reading of 57.5 had been expected.  The Fed’s Beige Book, a survey of economic activity by the Fed’s 12 regional banks, will be released at 2:00 PM.

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