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The ADP Employment Report, a private study similar to the official Jobs Report, showed just 10,000 fewer jobs created than the jobs report released last Friday. The ADP report isn’t much of a market mover unless the numbers are drastically different than those in the jobs report, so it really had no affect on the market.
The ISM Services Index (”Izzy” for short) for September reported at 54.8, very close to the 55.0 expectation. However, the “prices paid” portion of the index was a bit higher than expected causing traders to wane on fears of inflation. As a result, bond prices dropped, never a good thing for mortgages. I’ve received a few notifications from lenders that rates have gone up 1/8, but it’s only a small short-term change, really nothing to worry about.
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