Daily Market Update 11/30/16

Rates inched higher Wednesday following the release of stronger than expected economic data.  This morning, payrolls firm ADP estimated private sector job growth of 216,000 in November, well above the consensus forecast of 160,000.  Separately, October Personal Income increased 0.6%, beating expectations.  The Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, and was 1.7% higher than one year ago, in line with forecast.  The Chicago PMI regional manufacturing index jumped to 57.6, far above the consensus or 52.0.  Readings above 50.0 indicate expansion in manufacturing in the Midwest Region.  October Pending Home Sales increased 0.1%, a bit less than expected.  Outside the U.S., OPEC moved closer to a deal to cut oil production, causing oil prices to rise about 7%.  Stocks moved higher.  The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

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