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A mixed bag of economic data coupled with the notion of a strong jobs report tomorrow is pressuring Mortgage Bonds lower today.
ADP reported that private employers added new jobs in August that nearly met expectations, while weekly jobless claims hover near 6-year lows. Outplacement firm Challenger, Gray & Christmas said that planned layoffs surged from July to August.
In addition, unit labor costs or wage inflation, were unchanged in the second quarter, which was Bond friendly, but the news failed to lift the debt markets.