The lowest-fee 30-year mortgages reached 6 percent Friday morning following the 10-year T-note's approach to 4.4 percent, both rising after a modest surprise in job creation and wages. Going higher, soon. July payrolls beat the 180,000-job forecast gain by 27,000, and the June figure was revised up by 20,000, but these variations are way inside the range of error in the survey. Some legitimate concern might flow from a .4 percent perk up in wages, flat-lined in the three years previous, but there is no inflation danger or economic acceleration present in this report. Other data were garbled by the Great Car Giveaway, as American makers in June began to dump vehicles at cost at the rate of a couple of million a month. A rebound in the purchasing managers' manufacturing survey may reflect renewed economic momentum, or just the Giveaway. Retail-store merchants have blamed poor July retail sales on consumption stolen by the Giveaway; could be...could be effects of $62 oil, or a year's wo...
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