«
»
 

August 2010 Jobs Report Pushes Mortgage Rates Higher

September 3rd, 2010 by Michael Metz

Net Job Gains Sept 2008-August 2010On the first Fri­day of each month, the Bureau of Labor Sta­tis­tics releases Non-Farm Pay­rolls data for the month prior. 

The data is more com­monly called “the jobs report” and it’s a major fac­tor in set­ting mort­gage rates for home­own­ers every­where. Espe­cially today, con­sid­er­ing the economy.

This is because, although it’s believed that the reces­sion of 2009 is over, there’s emerg­ing talk of new reces­sion starting.

Sup­port for the argu­ment is mixed:

  1. Job growth has been slow, but planned lay­offs touch a 10-year low
  2. Con­sumer con­fi­dence is down, but beat­ing expectations
  3. Con­sumer spend­ing is weak, but not declin­ing

In other words, the econ­omy could go in either direc­tion in the lat­ter half of 2010 and the jobs mar­ket may be the key. More work­ing Amer­i­cans means more pay­checks earned, more taxes paid, and more money spent; plus, the con­fi­dence to pur­chase a “big ticket” items such as a home.

Jobs growth can pro­vide tremen­dous sup­port for hous­ing, too.

Today, though, jobs growth was “fair”. Accord­ing to the gov­ern­ment, 54,000 jobs were lost in August, but that reflects the depar­ture of 114,000 Cen­sus work­ers.  The pri­vate sec­tor (i.e. non-government jobs), by con­trast, added 67,000. 

In addi­tion, net new jobs was revised higher for June and July by a total of 123,000.  That’s a good-sized num­ber, too.

Right now, Wall Street is react­ing with enthu­si­asm, bid­ding up stocks at the expense of bonds — includ­ing mortgage-backed bonds.  This is caus­ing mort­gage rates to rise.  Rates should be higher by about 1/8 per­cent this morning.

Tags:

This entry was posted on Friday, September 3rd, 2010 at 12:48 pm and is filed under Jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “August 2010 Jobs Report Pushes Mortgage Rates Higher”

  1. mbt says:
    November 24, 2010 at 3:30 am

    Shop for sheep­skin Ugg Boots Sale in our web­site! Fast And Free Shipping!Largest selec­tions of Ugg Bai­ley But­ton.Ugg Bai­ley But­ton are becom­ing very pop­u­lar all over the world this winter.This Ugg Boots On Sale is a calf-height boot made from gen­uine twin-face sheep­skin upper with suede heel guards for added structure.All of these?Ugg Bai­ley But­ton Bomber?are not only fash­ion­able but warm,soft,and com­fort­able as well.Australia Ugg Bai­ley But­ton Fancy with gen­uine sheep­skin and imported Aus­tralian wool.Ugg Bai­ley But­ton Fancy feels soft with gen­uine mate­ri­als and molded EVA outer sole.Ugg Bai­ley But­ton Triplet fea­tures a calf-height boot made from gen­uine twin-face sheepskin.Top of the line fash­ion from Uggs Boots Sale for you.All of these Ugg Clas­sic Cro­chet are not only fash­ion­able but warm,soft,and com­fort­able as well.Ugg Clas­sic Cardy are becom­ing very pop­u­lar all over the world this winter.All kinds of Uggs Boots On Sale are avail­able in our store.There is Amer­i­can UGG sizes chart,European UGG sizes chart and Asian UGG sizes chart.Ugg Clas­sic Mini is con­ve­nient for you to choose.The Ugg Boot Sale are one of the trendy boots in Aus­tralia that are exclu­sively pre­ferred dur­ing spring by many peo­ple. This lux­u­ri­ous Ugg Clas­sic Short is really awe-inspiring for its slouchy pat­tern and col­or­ful knit uppers.All of Ugg Boots Clear­ance are 100% authen­tic qual­ity with the low­est price.The Ugg Clas­sic Tall are a heathered merino wool blend boots made to look like your favorite sweater.These Ugg Boots Online look to be well right to an urban-chic variety.They are incred­i­ble con­ge­nial and comzy.We can pro­vide Fash­ion design & High qual­ity Ugg Knights­bridge with the low­est price for you and back up our claims with our 100% Sat­is­fac­tion Guarantee!It is easy for you to hit the site for more infor­ma­tion about our Ugg Adiron­dack II.We try our best to offer you the best Ugg Boots 2010 online.All kinds of Ugg Adiron­dack Tall are avail­able in our store.The Ugg Lo Pro But­ton are made from Gen­uine Grade A twin-faced sheep­skin with suede heel guard.Ugg Stripe Cable Knit are plau­si­bly one of the biggest affects that you have made when it gets to get­ting ade­quate and swanky footwear.All these Ugg Sun­dance II is made of the great A sheep­skin and wool materials.Offering you the Ugg Tas­sel Short with the authen­tic quality,free ship­ping and best service.Also there are other Ugg Ulti­mate Bindto be cho­sen from.The Ugg Ultra Short has become a must-have for many women this winter.The Ugg Ultra Tall have become the lat­est fash­ion items that every woman seems to want,because the Ugg Infants Erin will def­i­nitely make you notice­able in a fashion-conscious crowd.And all of those Ugg Sun­burst are made with only the best sheep­skin and wool materials,you are assured that the Ugg Argyle Knit will also let your feet breathe,thus mak­ing it pos­si­ble for you to wear them even dur­ing hot seasons.A really nice alter­na­tive to tra­di­tional Ugg Boots Sale?!We also pro­vide you other Ugg Boots : Ugg Ashur|Ugg Broome|Ugg Chrystie|Ugg Corinth|Ugg Elsey|Ugg Felic­ity|Ugg Gis­sella|Ugg High­koo|Ugg Lan­g­ley|Ugg Lib­erty|Ugg May­faire|Ugg Metal­lic|Ugg Night­fall|Ugg Rainier|Ugg Roxy Tall|Ugg San­dra|Ugg Seline|Ugg Evera Shoes|Ugg Mens Shoes|Ugg Hand­bags|Ugg Kids Boots and so on!Welcome to pick up Ugg Boots Sale in our store for this winter!

Leave a Reply