Last week's scheduled economic reports primarily revolved around the jobs sector. The federal government released reports on Nonfarm Payrolls, the national unemployment rate and weekly report on new jobless claims. ADP issued its monthly report on private sector payrolls. Readings on labor statistics are important to housing markets as stable employment conditions are a significant consideration for prospective home buyers. Private-Sector Job Creation Falls, Non-Farm Payrolls Rise According to ADP, private-sector payrolls fell by 6000 jobs in April to a reading of 169,000 new jobs. This was the fifth consecutive monthly drop in new private sector jobs. ADP also adjusted its March reading to … [Read more...]
What’s Ahead For Mortgage Rates This Week – December 15, 2014
Although there were few scheduled economic events related to mortgages and housing, last week brought an article about housing projections for 2015. Other news included increased job openings along with lower than expected jobless claims and higher mortgage rates. Job Openings, Retail Sales and Mortgage Rates Rise The U.S. Department of Commerce reported that November job increased to 4.80 million as compared to October's reading of 4.70 million job openings. Weekly jobless claims corresponded as new claims fell to 294,000 as compared to the prior week's reading of 297,000 new jobless claims. This was the lowest reading for new jobless claims in three weeks. Analysts had expected a reading … [Read more...]
DOC New Home Sales and NAR Existing Home Sales
The Department of Commerce reported July sales of new homes dropped by 2.40 percent over June to a four month low. Analysts noted that although July's reading of 412,000 new homes sold fell short of expectations and June's reading, the new homes sector is volatile and subject to change. June's reading of 406,000 new homes sold was revised to 422,000 new homes sold; expectations were based on the original reading. Three of four regions posted a slower rate of growth for home prices with only the South posting a gain. The average price of a new home in the U.S. rose to $269,800, which is 2.90 percent higher than June's average home price. Inventories of new homes increased to a six-month level … [Read more...]
