Daily Market Update 8/31/16

Mortgage rates were little changed Wednesday following the release of mixed economic data.  This morning, payrolls firm ADP estimated private sector job growth of 177,000 in July, close to expectations.  Separately, the Chicago Purchasing Managers Index fell to 51.5, well below forecast, to the lowest level since May 2015.  Readings above 50.0 indicate expansion in manufacturing in the Midwest region.  The National Association of Realtors reported July Pending Home Sales increased by 1.3% to the second highest level in more than a decade, a bit better than expected.  No other key data will be released today.

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