Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 4,209 | 18.8 |
| Oil (WTI) | 69.51 | 0.07 |
| 10 year government bond yield | 1.61% | |
| 30 year fixed rate mortgage | 3.16% |
Stocks are higher this morning despite a disappointing jobs report. Bonds and MBS are flat.
The economy added 559,000 jobs in May, according to BLS. This number was below Street expectations. Leisure and hospitality accounted for about half of the new jobs created. The April number was revised upward to 278,000 so that report remains surprisingly weak.
The unemployment rate fell from 6.1% to 5.8%, however the labor force participation rate fell from 61.7% to 61.6%. The employment-population ratio did rise however to 58%
Average hourly earnings rose 0.5% MOM and 2% YOY. The big increase in lower-paid leisure / hospitality jobs is pulling down average hourly earnings, and is a reversal of what we saw a year ago.
Note that the ADP report showed that close to a million jobs were added in May, so there is a good chance this payroll number gets revised upward in the next couple of reports. One other point to keep in mind is that the seasonal adjustments have probably been introducing noise into the series as last year’s payroll volatility was a huge shock. The non-seasonally-adjusted payroll number was close to ADP’s estimate.
Independent mortgage bankers made $3,361 on each loan in the first quarter of 2021, which was the best first quarter on record. It was a decline from the fourth quarter, however that reflects the normal seasonality of the business. “Despite dropping slightly from the fourth quarter of 2020, net production profits reached their highest level for any first quarter since the inception of MBA’s report in 2008,” said Marina Walsh, CMB, MBA Vice President of Industry Analysis. “Triple-digit basis-point profitability was seen for the fourth consecutive quarter – another record that surpasses the 2012 boom generated from Home Affordable Refinance Program.”
Average volume fell slightly to $1.44 billion in the first quarter, and production revenue came in at 408 basis points. Net secondary marketing revenue decreased to 331 basis points from 346 in the fourth quarter. Purchase percentage fell to 39% from 43%.
Productivity fell to 3.6 loans per production employee from 4.2 in the fourth quarter. Since volumes were pretty much the same, it shows that mortgage banks added a lot of people in the first quarter.
Filed under: Economy, Morning Report |
All Things in Moderation 
Worth noting:
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as if NSA doesn’t already have that info
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Good read:
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It never ceases to amaze me that the they don’t recognize (or even pay lip service) to cancel culture as a threat to free speech.
Stick a fork in the ACLU, its done. Go virtue signal for an AppleTV ad.
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Interesting on a couple of levels:
https://slate.com/news-and-politics/2021/06/el-salvador-first-country-adopt-bitcoin-legal-tender.html
“El Salvador’s official currency is the U.S. dollar and about one-quarter of its population lives in the United States. ”
Crazy that 25% of El Salvadorians live in the US one way or another.
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Pretty smart play actually as I suspect most American lefties will be willing to embrace it.
https://www.breitbart.com/national-security/2021/06/04/hayward-chinese-state-media-compares-tiananmen-square-january-6/
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Lol!
https://www.washingtonexaminer.com/news/trump-kemp-boos-georgia-republican-convention
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These motherfuckers love them some science, yo!
https://thepostmillennial.com/71-percent-of-democrats-think-healthy-americans-should-still-stay-home-poll
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They totally should. Never come out again.
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Deserved. That folks like Kemp aren’t treading lightly is not a sign of their “principled leadership” but there tremendous distance from their constituents. As well as common sense, as nothing would show good faith like a full forensic audit and if that proved Trump lost fair-and-square or even because of legit but unusual voting practices because of COVID, then I think most of the people who think the election was stolen would, if not change their mind, let the issue drop in Georgia.
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Now, yes. If it was the lefty attitude of the 1990s, they would not like it. And likely they will still try to downplay it because they understand that a lot of people find that China might be some kind of communist dictatorship, and as much as they want that for themselves they don’t actually want to come right out and say that.
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What a joke:
https://www.washingtonpost.com/nation/2021/06/07/mo-brooks-eric-swalwell-trespassing/
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I love the continued use of “insurrection”. Gives me a hardon.
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Yep.
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James Carville gave away the game a long time ago.
It was always a bullshit framing, but the media / democrats have their story and they are sticking to it.
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Yes, indeed. And it’s in stark relief to what is actually known. The Kavanaugh protest where, for the most part, progressives did the same thing and for not that different reasons is not generally known, I don’t think. It didn’t get wall-to-wall coverage for months.
But the George Floyd riots and related BLM and Antifa riots got plenty of attention, many of them at Federal buildings at at one point all over DC with fires in a dozen places. And these were referred to as “mostly peaceful” or “some rioting” or a “few bad actors did some things” and then what looks like a riot happens at the Capitol with Trump supporters and “insurrection” and “insurrectionists” are the approved terms, after some attempts at “seditionists”. It feels like narrative and theater, not a description of facts or a real concern about “what happened”.
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What’s laughable is how utterly ineffective it is.
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Pussies.
https://bongino.com/scotus-declines-to-review-male-only-draft-registration/
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Lol
https://www.breitbart.com/politics/2021/06/06/report-bush-foundation-bankrolled-by-chinese-communist-party-linked-firm/
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More Fauci revelations.
https://bongino.com/former-fda-commissioner-fauci-briefed-world-leaders-on-potential-lab-leak-a-year-ago/
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Really good post by Ace.
http://acecomments.mu.nu/?post=394161
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I don’t care. It’s like watching a bunch of nerds in the SCA all dressed up like knights and shit beating each other with poles wrapped in the duct-tape and saying “thee and thou” a lot while making up some tedious and boring story that involves magic and witchcraft and an evil king but has no bearing on reality whatsoever.
“Insurrection” is a word used by the Society of Creative Political Mythology as a word to describe an invasion of trolls into the Kingdom of Cläarsbonethf’et.
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I wasn’t aware practicing some deception or covert tactics to serve papers was illegal. I thought it was common, actually.
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