Daily Market Update 8/5/16

Rates were little changed Friday as mortgage-backed securities gave back yesterday’s late gains following the release of stronger than expected employment data.  This morning, the Labor Department reported a net gain of 255,000 jobs in July, far exceeding the consensus forecast of 180,000.  The Unemployment Rate remained at 4.9% as more people entered the workforce.  Average Hourly Earnings rose 0.3% and were 2.6% higher than one year ago, slightly above expectations.  Separately, the June Trade Deficit came in a bit higher than expected.  Stocks rallied on the employment news.  No other key data will be released today.

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