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Upward Revisions Keeps Weak Job Data From Moving Rates

February 2, 2007 by Scott Kinne

This morning’s Non-Farm Payrolls report showed that 111,000 new jobs were created in January, short of Wall Street’s 155,000 expectations. The weaker-than-expected figure did not give mortgage markets a reason to rally, however, because December’s figures were revised higher by 39,000 and November’s by 42,000.

Traders have shrugged off the data for three major reasons:

  1. Constant revisions to previous releases makes it hard to tell what the data exactly means. December was revised upward 23%; November by 27%.
  2. The unemployment rate rose slightly suggesting that consumers will have fewer dollars to fuel the economy
  3. Wage growth slowed, again giving Americans less money to pump back into GDP

Oh, and as we head into Super Bowl weekend, don’t forget that many Chicago-based bond traders already have one foot in Miami.

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Scott Kinne

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Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
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