6/2/10

Yesterday was yet another volatile day in the markets, with both stocks and bonds chopping around a little. Yesterday we had April’s Pending Home Sales, which are still in positive territory due to the tax credit (buyers have until the end of June to close the sale!). Construction spending was up (its fastest pace in 10 years, and investment in private construction rising for the first time since October), and the ISM index was down less than expected. Lots of eyes are on Friday’s unemployment data, with estimates running between a gain in jobs of 500-600k, and the unemployment rate hovering in the high 9% area. Much of that gain in workers is due to census workers, but May will be the last month in which the Census adds to employment, as temps are released over the coming months. Ahead of a Pending Home Sales number, we find mortgage rates slightly better this morning.