Daily Market Update 5/4/16

Rates held steady Wednesday following the release of mixed economic data.  Payrolls firm ADP estimated private sector job growth of 156,000 in April, well below the consensus forecast of 195,000.  First quarter Productivity declined by 1.0%, beating expectations.  The Trade Deficit was a bit less than expected.  Factory Orders rose 1.1%, above the consensus of 0.5%.  The Institute for Supply Management services index rose unexpectedly to 55.7.  Readings above 50.0 indicate expansion in the services sector of the economy.  No other key data will be released today.

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