Money Market Recap & Forecast from the Daily Communicator
June 7th, 2010
Written by Greg Frost Jr.
Categories: Branch Partner Opportunities, Economy, Monday Money Market Recap & Forecast, Mortgage Banker News, Mortgage News, Net Branch Opportunities
Compared to the past few weeks, last week was uneventful — until Friday. Although concerns about economic growth here and abroad remain, and trouble spots in the Far East lurk, U.S. Treasuries held steady. The yield on the benchmark 10-year note, which moves inversely to price, barely moved during the first three days of the trading week. It rose only three basis points.
Then the employment numbers for May were released. Although a total of 431,000 jobs were added to nonfarm payrolls, 411,000 are temporary census workers leaving a gain of only 20,000 private sector jobs. And the unemployment rate dropped to 9.7%, but that number is also a questionable one because 322,000 dropped out of the labor market. Buying in Treasuries was fast-paced, dropping the 10-year yield to 3.24 from 3.33, before the opening bell.
The short week began with Tuesday’s release of the ISM index on May manufacturing conditions which fell to 59.7 from 60.4. There was, however, a big gain in employment. Construction spending in April beat expectations by a wide margin. Spending rose 2.7% when a 0.1% increase was predicted. In March, spending rose 0.4%.
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