Daily Market Update 6/4/09

Mortgage rates inched higher Thursday as the number of people filing unemployment insurance declined for the first time in five months. Weekly Jobless Claims fell to 621,000, in line with expectations. First quarter Productivity was revised higher to +1.6%, above consensus forecast of +1.2%. Unit Labor Costs, a measure of inflation, rose 3.0% in the first quarter. The European Central Bank (ECB) and Bank of England (BOE) both held rates steady, as expected. Stocks moved modestly higher. Non-farm Payrolls and the Unemployment Rate for May will be released tomorrow at 8:30 AM et.