Non-farm payrolls estimated -60,000 actual -49000 (better than expected...good news for the economy bad for mortgage rates)
Unemployment numbers estimated 5.1% actual is 5.5% (huge jump of .5% last time this happened was in 1986.....THIS IS A HUGE NUMBER PROBABLY CATCHING UP TO WHATEVER EVERYONE WAS EXPECTING)
Unemployed workers surged by 861,000 last month. There are now 8.5 million unemployed in the US.
We are still not technically in a traditional recession but seem to be in growth recession with rising unemployment with not enough grow to accommodate new workers coming into the labor force.
Mortgage Bonds prior to these numbers were down 25 bps on the day and in a down trend.......with those number bonds are now up 9 bps........the dust has not settled with these number....wait and see rates in an hour or so and I will update.
I feel I am not alone to think we are in a recession, regardless of what the numbers actually say, this time last year it was an entirely different feel.....agree? disagree?
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