The Institute of Supply Management Manufacturing index increased to 51.3 from 50.8% which is a sign of growth in the economy.
The JOBS report for May gave us no surprising news. There was a gain of 173,000 jobs in May which was in line with expectations. However the March and April jobs numbers were revised downward.
Rates came down on the Jobs report because the anticipation (or relief) is that the Fed will probably not have the ammunition (a stronger jobs = stronger economy = inflation) to raise their prime rate, called the Fed Funds rate.