As expected, today’s Jobs Report was not great - but overall it was a bit better than anticipated. As a result, Mortgage Bonds are trading lower and rates are up.
The number came in at 103,000 jobs created, which was better than expectations of 60,000 and even higher than some of the more lofty expectations. 137,000 jobs were created in the private sector, which offset more government job losses. The 137,000 figure was a lot better than the 83,000 private job gains expected. The unemployment rate held steady at 9.1% as the relatively low job creation number was not enough to move that number at all. Bond market will be closed, but stocks open on Monday (Columbus Day).
Landon Spitler
Bank of Commerce Mortgage
Direct: 805.471.0243
EFax: 805.548.8171
LSpitler@BOCM.com
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