http://MikesDailyMarketReport.com: The ADP Employment Report disappointed today, as it reported only 67k new jobs for November and a revised lowered number (by 4k) in October's numbers. The Markit Services PMI remained Unchanged at 51.6 in November; while, the ISM Non-Manufacturing Index dropped from 54.7% to 53.9% in November. However, Stocks are Up this morning on a report by Bloomberg that the US and China are closer to a Phase One Deal despite all of the rhetoric. This news is superseding the poor jobs data today. Meanwhile, MBS is Down 8bps, and if you factor yesterday's close (well off from yesterday's highs of +42bps) at +25bps, then Lenders will tend to price Mortgage Rates a little worse today. Yields are clawing their way back and have reached 1.77%.
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