Daily Market Update 5/31/12

Mortgage rates reached new lows Thursday following the release of weaker than expected economic data.  Weekly Jobless Claims rose to 383,000.  First quarter GDP was revised down to 1.9% from 2.2%.  The Chicago Purchasing Managers Index, a measure of manufacturing activity in the Midwest, fell sharply to 52.7, well below the consensus forecast of 57.0, to the lowest level since September 2009.  Stocks moved lower.  No other economic data will be released today.  The closely-watched Employment Report for May will be released tomorrow at 8:30 AM.