http://MikesDailyMarketReport.com: The initial Jobless Claims for last week were a little higher than forecasts, but still lower than previous report, and came in at 2.98 million people applying for unemployment benefits for first time. This trend is lowering, but it's still disturbing to see so many apply, as it's estimated to have reached approximately 36.5 million people applying for unemployment over just the past 2 months. This should put us pretty much right at the 20% Unemployment Rate. The one saving grace is probably the PPP, which is allowing small businesses to retain payroll, so those are additional employees whom may have been added to the unemployment number, if not for the PPP. Also, a minor report, The Import Price Index dropped 2.6% in April, as we've mentioned that prices in many sectors has been dropping due to the pandemic. Stocks are Down this morning on the Jobs data; and possible worries over President Trump's comments directed at China that seemed a bit hawkish. MBS is Up 11bps, so Lenders will be in better place to price Mortgage Rates a bit better today. Yields are Down to just under 0.62% and below it's 25 DMA.
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