Mortgage Market Update 3/9/18

Rates faced upward pressure Friday as newly released employment data showed stronger than expected job growth in February.  This morning, the Labor Department reported net job gains of 313,000 last month, far exceeding expectations for an increase of 205,000.  In addition, upward revisions added 54,000 jobs to prior months.  Construction firms added 61,000 workers, the highest monthly increase in nearly 11 years.  The unemployment rate was unchanged at 4.1% due to a large number of people entering the work force.  Average Hourly Earnings rose 0.1%, below the consensus forecast of 0.2%, and were 2.6% higher than one year ago.  Stocks moved sharply higher following the report.  No other key data will be released today.

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