Daily Commentary by Larry Baer: New
claims for unemployment benefits were unchanged last week according to data the
Labor Department released earlier this morning.
We are really not showing much momentum in the labor market at this
time. The weekly jobless claims data
comes on the heels of three straight months of slowing employment gains in the
broader national nonfarm payroll numbers.
Companies added 115,000 new jobs in April, the fewest in six
months. The weekly jobless claims numbers
are suggesting the May nonfarm payroll figure won't show much improvement when
it is released on Friday, June 1st.
With Europe in recession, China's
economy slowing and hopes of a robust U.S.
economic recovery fading, the threat of higher inflation stoking upward
pressure on mortgage interest remains miniscule. Current credit market conditions remain
highly supportive of the near-term prospects for steady to perhaps fractionally
lower mortgage interest rates.
THE
MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
