Posted To: MBS Commentary
At 10am the Institute for Supply Management reported the servicing sector had its best month since October 2007. The Non-Manufacturing ISM index came in at 53.0 in February vs. 50.5 in January. This just beat consensus estimates for a read of 52.8. By the way…all categories except the business activity index, new orders, imports, and employment are /seasonally adjusted. The employment component of the survey rose for the third straight month…this time it was up 4 points. That’s a healthy improvement. America is not the goods producing sector it was in the WWII era, the services sector will supply the majority of jobs in the future so this employment data is a bit more relevant. Unfortunately it is overshadowed by ADP data and Friday’s Employment Situation Report. I am hearing whispers…(read more)
Carlos Figueira - Keypoint Mortgage 