http://MikesDailyMarketReport.com: Initial Jobless Claims continued it downward trend in people applying for unemployment benefits, as it dropped from 2.69 million in last week's report to 2.44 million in this week's report. The Philly Fed improved from -56.6 April to -43.1 in May. This index reports the activity level of manufacturing in the Philadelphia area. Meanwhile, Markit PMI released their 2 reports (Manufacturing and Services) for May. Markit Manufacturing PMI improved from 36.1 in April to 39.8 in May; and Markit Services PMI improved from 26.7 to 36.9. These last few indices indicate that we bottomed out in April and on way to recovery, but how long it will take is uncertain. Also, we have the Existing Home Sales for April, which dropped from 5.27 million annualized units in March to 4.33 million, which is approximately 18% drop. Leading Economic Indicators improved from -7.4% in March to -4.4% in April. Stocks are Down so far today on the economic data; corporate earnings reports and building tensions between US and China (again). MBS is currently Down 5bps, but Mortgage Rates remain Unchanged from yesterday's pricing. Yields are down to 0.67%.
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