Capital Markets Update – Payrolls Show Loss of 85,000
January 8th, 2010 | by admin |Quicken Loans Capital Markets Update for January 8, 2010
The much anticipated December Non-Farm Payroll report was released this morning. Investors were expecting it to continue the trend of improved economic data. Specifically, payrolls were projected to be unchanged in December after falling every month since January of 2008 (23 consecutive months).
The actual number showed a loss of 85,000. The unemployment rate was also expected to be unchanged at 10.0%. The actual number came in as expected at 10.0%.
This leaves the report just 0.2% points below the 26-year high of 10.2% posted in October. The worse than expected payroll data is causing mortgage bonds to rally this morning after falling throughout the day yesterday.
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