Week’s Focus is on Friday’s Unemployment Report
4 September 2007
The bond market opened down after Labor Day weekend, following stock market gains.ﾃつ Mortgage rates should increase today by approximately .125 of a point.
The ISM (Institute for Supply Management0 posted the manufacturing index for August this AM, indicating a decline very close to forecasts.ﾃつ It had no impact on mortgage pricing today.ﾃつ With no relevant news released tomorrow AM, focus is on the Wednesday PM release of the Beige Book by the Federal Reserve.ﾃつ This report will break down economic conditions within the USA by region.ﾃつ Still, it is unlikely that this report alone will affect the bond market.
On Thursday, we’ll get revised 2nd Quarter Productivity numbers which shows workplace productivity.ﾃつ We could see mortgage rates move in either direction if the numbers do not show the expectedﾃつ slight upward change.
All focus in the markets is on Friday when we’ll get the Jobs data for August.ﾃつ The ideal situation for mortgage rates would be for a suprisingly large number of jobless claims to be posted, a smaller than expected increase in new payrolls and unchanged earnings.ﾃつ Stronger than expected results here could cause rates to spike upward.
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