Last Week in the Market

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What is on the agenda for this week? Date Time (ET) Economic Release Actual Market Expects Prior 3-Sep 10:00 AM ISM Index - 53.6 55.4 3-Sep 10:00 AM Construction Spending - 0.50% -0.60% 4-Sep 7:00 AM MBA Mortgage Index - NA -2.50% 4-Sep 8:30 AM Trade Balance - -$38.2B -$34.2B 4-Sep 2:00 PM Auto Sales - NA 5.6M 4-Sep 2:00 PM Truck Sales - NA 6.8M 4-Sep 2:00 PM Fed's Beige Book - NA NA 5-Sep 7:30 AM Challenger Job Cuts - NA 2.30% 5-Sep 8:15 AM ADP Employment Change - 180K 200K 5-Sep 8:30 AM Initial Claims - 333K 331K 5-Sep 8:30 AM Continuing Claims - 2977K 2989K 5-Sep 8:30 AM Productivity-Rev. - 1.50% 0.90% 5-Sep 8:30 AM Unit Labor Costs - 1.00% 1.40% 5-Sep 10:00 AM Factory Orders - -3.70% 1.50% 5-Sep 10:00 AM ISM Services - 54.5 56 5-Sep 10:30 AM Natural Gas Inventories - NA 67 bcf 5-Sep 11:00 AM Crude Inventories - NA 2.986M 6-Sep 8:30 AM Nonfarm Payrolls - 177K 162K 6-Sep 8:30 AM Nonfarm Private Payrolls - 180K 161K 6-Sep 8:30 AM Unemployment Rate - 7.40% 7.40% 6-Sep 8:30 AM Hourly Earnings - 0.20% -0.10% 6-Sep 8:30 AM Average Workweek - 34.5 34.4 We have a huge week for Jobs data with ADP Private Payrolls, Initial Jobless Claims and Friday's Non-Farm Payrolls. There are no major Treasury auctions this week. MBS are under pressure this morning as it appears that any strike against Syria will be delayed as the President seeks support from Congress.  Remember, your pricing improved temporarily due to fear that it would happen last week...and it didn't happen last week - so now, MBS are giving up that false premium

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