http://MikesDailyMarketReport.com: The Bureau of Labor Statistics (BLS) released their Jobs data today, which is the catalyst for the week! The Average Earnings rose 0.4% July, while Average Workweek Hours increased to 34.8 hours. The BIG news came in for Non-Farm Payrolls, which was 943k in July; and June's numbers were revised higher by 88k. Meanwhile, the Unemployment number dropped by 0.5% to 5.4% in July. On the lighter side, Wholesale Inventories rose by 1.1% in June. I was wrong with my assessment of the Jobs data this week. I initially thought it might take more time for those to return to work may take more time and see the spike in August's numbers, which we will probably still see more spikes ahead, as more states remove their extra benefits. Overall, excellent economic report! Stocks are Mixed, as NASDAQ is lone index in Red today. MBS was handed the short-straw today, as it's currently Down 23bps and touching off it's 25 DMA. Mortgage Rates rose a bit today, as a result. Likewise, Yields touched off it's 25 DMA and is currently sitting at 1.29%. This could be a trend to begin worsening, as Investors look to renewed taper talk.
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