Mortgage Times
Mortgage Market News for the week ending August 1, 2008
Events This Week: Employment Fell GDP Higher Confidence Rose Manufacturing Mixed Events Next Week: Mon 8/4 Income Tues 8/5 FOMC Meeting ISM Services Thurs 8/7 Pending Sales Fri 8/8 Productivity Employment Falls After dominating the headlines recently, there was little fresh news about Fannie Mae and Freddie Mac, and investors focused their attention on the economic data. Friday's Employment report closely matched the consensus forecasts, while most of the other data this week was a little weaker than expected, and mortgage rates fell modestly during the week. In July, the US economy lost about 50K jobs, but the job counts for May and June were revised higher. The Unemployment Rate rose from 5.5% to 5.7%, mainly due to an unexpectedly large number of young adults looking for summer work and being counted as part of the labor force. The construction and manufacturing sectors showed continued weakness. Thursday's economic data contained the week's biggest surprises. Second quarter Gross Domestic Product (GDP), the broadest measure of economic activity, increased just 1.9%. This was higher than the first quarter, but was well below what is considered the average level of growth of 3.0%. In addition, after holding below 400K nearly every week this year, Jobless Claims jumped to almost 450K. Future readings of GDP and Jobless Claims will be closely watched to see whether the economy is accelerating or heading for a recession.
Last week:-0.11% This week:-0.05% Stocks (weekly): Dow:11,334-52 NASDAQ:2,311+6 Week Ahead Next week's economic news will be dominated by Tuesday's Fed meeting. No change in rates is expected, but the accompanying statement will be closely scrutinized for signals about the timing of future rate hikes. Overall, the prevailing sentiment is that the Fed is more concerned about stabilizing the economy than about preventing inflation. Personal Income and Factory Orders will come out on Monday. ISM Services will be released on Tuesday. Pending Home Sales, a leading indicator for housing market activity, is scheduled for Wednesday. Productivity will be the final report on Friday. Treasury auctions and a policy announcement from the European Central Bank will round out the Economic Calendar. admin@corefinancegroup.com |
Re: Mortgage Times
Adam,
Is there any way you could incorporate a fishing report into these updates? |
Re: Mortgage Times
So far the Fed and the treasury are not propping up the fragile fish supply. You may want to ask Gore to help you on that one. :giggling:
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Re: Mortgage Times
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Gore is too busy re-inventing the internet... |
Re: Mortgage Times
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For what region? |
Re: Mortgage Times
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Funnay |
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