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Services Growth Slows; Rates At All Time Lows - Daily Mortgage Rate Update for July 6, 2010
Service Sector Growth Misses Expectations; Accounts for 80% of all US Jobs - Rate Lock Report for July 6, 2010
Today marks the start of a short, quiet week, from the perspective of economic data. We will receive exactly two pieces of interest-rate-influential data this week; one the Institute for Supply Management's Services Sector Index this morning, the second the weekly unemployment claims on Friday. For the rest of this week, I anticipate mortgage rates will be driven more by activity in stock markets.
The ISM Services Sector Index measures the pace of expansion or contraction in the services sector, which comprises as much as 80% of the US economy, and includes businesses like hair salons, landscapers, accounting, bookkeeping, payroll, even mortgage and legal services. The index measures activity on a scale based around 50. A level of 50 indicates neither growth nor contraction.
In today's report, the main index slipped to 53.8 from 55.4 in May. Economists had been expecting a decline in the index to 55.0. The index also features an employment component, designed to guage the likelihood of service businesses hiring new workers. This component declined to 49.7 from 50.4, suggesting further weakness in business hiring.
The markets ... more

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