September 2, 2011 rummy

  Jobs Fall Short Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower. The most significant economic data this week was Friday’s monthly Employment report. Against a consensus forecast for a gain of 75K, the number of jobs remained unchanged in August, and the data for June and July was revised lower by 58K. The Unemployment Rate remained at 9.1%. Average Hourly Earnings, a proxy for wage growth, unexpectedly declined from July. In short, it was a weak report in nearly every area,…