I hope you all a great Veteran’s Day yesterday. It looks to be a beautiful weekend – sunny and crisp – and it reminds me that we need to be more optimistic about the future. I don’t know about you, but I’m getting tired of all the doom and gloom in the media these days. How about some good news? I read an article this week that really helps illustrate where are with unemployment. Employment is a critical component of weakness in the markets, so here are some numbers that should give us more optimism going forward. These are taken from 20 Numbers to Help Illustrate Unemployment written by the editorial staff at Fisher Investments.
Private enterprises have created 2,765,000 jobs since the payrolls’ trough in February 2010. It’s taken 20 months to add those 2,765,000 jobs which is equal to the number of months it took to add that many jobs after the payrolls’ trough in the 2003 recession – so it’s in line with the last recovery.
Both the August and September nonfarm payroll gains have been revised upward since the initial reports. August went from ZERO to +57,000 to +104,000 in subsequent revisions but it’s never reported. Likewise, September’s nonfarm hiring went from +103,000 to a revised +158,000 jobs in the latest revision. When was the last time you heard about these upward revisions? Like me, this is probably the first time.
The economy is not growing fast, but it is growing and we are seeing steady progress. Time and growth are what’s required to reduce unemployment. Please read the article to get a better understanding of where we are. Here is the link again: 20 Numbers to Help Illustrate Unemployment
Mortgage bond prices ended lower this week, which pushed mortgage interest rates slightly higher. The early portion of the week was relatively tame compared to recent trading conditions. Most of the weakness came Thursday following stronger than expected weekly employment figures. Weekly jobless claims came in at 390k, better than the expected 400k mark and generally not bond friendly. Continuing claims came in at 3,615k, which also beat estimates. The reaction was negative and sent rates slightly higher ahead of the extended holiday weekend. Positive stocks also pressured rates at times throughout the week. Mortgage interest rates rose by approximately 1/4 of a discount point for the week.
Here’s the link to my rate sheet for a good indication of current rates and, of course, contact me directly for a specific quote: Baxter Rate Sheet
Have a great weekend and never hesitate to contact me if you need something – hit the cell, send an email, pop a text, or contact me on Twitter or Facebook. And, if you need to get a buyer pre-approved? Just send them to my secure online application – Baxter Online Mortgage Application – Click on “Start Your Application”
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