Daily Market Update 1/6/17

Rates were little changed Friday as mortgage-backed securities (MBS) gave back yesterday’s late gains.  This morning, the Labor Department reported December job growth of 156,000, below the consensus forecast of 175,000, however upward revisions added 19,000 jobs to prior months.  Separately, the Unemployment Rate rose to 4.7% as more workers entered the workforce.  Average Hourly Earnings jumped by 0.4% for the month, or 2.9% annually, the largest increase since 2009.  Stronger wage inflation caused MBS prices to decline.  In other news, Factory Orders fell by 2.4%, a bit more than expected.  No other key data will be released today.

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