unemployment rate

Overall, the report shows that the employment situation remains depressed and economists are now saying that approximately 100k new jobs need to be created each month in order to meet the demand of new workers entering the market

This morning, the October employment report produced some surprises. Most notably, the unemployment rate rose to 10.2%, well higher than expected, and its highest level since 1983. We did hit the jobs number right on the head at190,000 job losses for the month, but August and September's job losses were revised with 91,000 fewer lost. September numbers were revised to only being down 219k from the 263k previously reported. Overall, the report shows that the employment situation remains depressed and economists are now saying that approximately 100k new jobs need to be created each month in order to meet the demand of new workers entering the market.

November 6, 2009|Austin Mortgage Market|

Initial claims decreased by 20k to 512k, the lowest level since Jan. 3, and more than forecasts of a decrease of only 5k claims

Initial claims decreased by 20k to 512k, the lowest level since Jan. 3, and more than forecasts of a decrease of only 5k claims. Initial claims still remain at a fairly high level, suggesting the job market has a long recovery ahead. On the brighter side, some economists still see positive signs in the recent decreases in the four-week-moving average, and today’s 20k decrease in initial claims also may suggest an improvement in labor conditions.

November 5, 2009|Austin Mortgage Market|

Record Auctions Produce Mixed Results

While daily volatility was high this week, Austin mortgage rates ended just slightly lower than last week. The primary factors influencing Austin mortgage rates were offsetting. The economic growth data released this week was stronger than expected, but inflation remained low. While the first two Treasury auctions produced impressive results, the final one was relatively weak.

October 30, 2009|MBS Quoteline Newsletter|

Economic Data Falls Short

After several weeks of economic announcements generally exceeding forecasts, weaker than expected labor and manufacturing data, along with comforting comments from Fed officials about inflation, helped mortgage markets this week. Reacting to the data, investors shifted funds out of the stock market and into bond markets, and mortgage rates ended the week at the lowest levels since May.