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The Unemployment Rate remained at 3.7% while the Labor Force Participation Rate fell to 62.1%, below the pre-pandemic level (Feb 2020) of 63.4%. Hourly earnings rose 0.6% monthly, above the 0.3% expected.
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Job growth came in above expectations in November but it was the lowest print this year. Non-Farm Payrolls rose 263,000 versus the 200,000 expected and down from 284,000 in October.
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The inflation component inched higher to 4.6% from 4.5% in the first read. The personal savings rate fell to 2.8% from 3.3%.
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After two straight negative quarterly readings for economic growth in 2022, Gross Domestic Product (GDP) rose by 2.9% in the second read from Q3 and up from the first look of 2.6%. The report showed that consumer spending was up 1.7% versus the 1.4% estimated.
MBA: Market Composite Index -0.8%, Refinance Index -12.9%, Purchase Index +3.8%. the 30-yr fixed-rate mortgage fell 18bp to 6.49% for the week ending November 25.
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Redfin reports homebuyers are looking to relocate to more affordable areas, amid high rates and prices.
At midday, Mortgage Bonds are lower and off worst levels,10-yr yield 3.73%. Stocks in negative territory, also off worst levels.
