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Jobs Report Beats Forecasts as Unemployment Rate Falls to 9.4%
Employment fell by the smallest amount in 11 months in July, allowing the unemployment rate to moderate for the first time since April 2008, while suggesting the the recession is probably in its final stage.rnrnTotal nonfarm employment declined by 247,000 in July, compared with expectations for a print of 328k. Revisions were also positive, as June’s loss of 467k jobs is now 403k, and May’s 322k loss is now 303k.
Markets Cautious Ahead of Nonfarm Employment
Employment indicators have been mixed this month but virtually all economists believe the labor market improved substantially relative to June, even if job destruction continued at a rapid pace. June saw 467k layoffs, and for July the median forecast from economists is 328k.
Fed’s Agency MBS Purchases Fall for Fourth Straight Week
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between July 30 and August 5, the Federal Reserve purchased a total of $19.15 billion agency MBS. Since the inception of the program the Federal Reserve has spent $721.20 billion or 57.7% of the allocated $1.25 trillion.
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