Well the data is in and I cannot help but laugh at the unbelievable comment inside of this.
Unemployment filings are under 300k and we are not sure if that is a sign of strength in the labor market or not! WOW... really???
At least they had the strength to speak the fact they have no real clue what this number really represents for direction. And due to that very thing I expect the rates markets to likely move in its current sideways with slight pressure downward UNTIL we can determine if the labor market is actually improving or if there are simply less filing for claims?
Here you go if you don't believe me read it for yourself...
The number of American’s filing for unemployment held below the 300K mark for the seventh straight week, which may signal a strengthening labor market. Jobless claims increased by +1,000 last week to 295K (consensus 287K). The four week average for Jobless Claims climbed from 282,750 to 284,500. Continuing claims rose to 2325K vs. 2275K prior (consensus 2290K). New Home Sales fell more than expected in March, down by -58K to 481K vs. 539K prior (consensus 515K). Treasuries are hovering around yesterday’s close levels following today’s data dump.
So it appears to me there is no viable strength but it may take several days for others to realize this???
Go lock your loan the market is unable to get out of its own way right now!
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