Economic Update - Employment Report
Stocks are mixed today after experiencing a decent sell-off Tuesday. Comments from Fed Chair Powell spooked investors yesterday, but private payroll data showed the labor market remains strong despite the recent rate hikes.

For economic data, ADP Employment Report showed that private payrolls rose by 242k in Feb, above estimates of 205k. The Jan report also showed a slight upward revision to 119k. Leisure & hospitality led gains with 83k, followed by financial activities & manufacturing.

Elsewhere, the US. trade deficit was slightly higher in Jan at $68.3B, just below expectations of $68.B. The trade deficit was $67.2B last month. Imports and exports were up 3% for the month.

Lastly, MBA mortgage applications rose 7.4% last week. Purchase applications were up 7% & refinance applications were up 9%. The report showed that the average rate of a conforming 30-year mortgage was 6.79%, up 8bps from last week.

Treasury yields are lower, with the 2-year T yield down 2.1 basis points to 4.99%, the 5-year T yield down 4.8 basis points to 4.27%, and the 10-year T yield down 5.8 basis points to 3.92%. With the exception of longer-term advances, advance rates are higher today
No comments yetBe the first to add your insight!



Already have an account?