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UNEMPLOYMENT HITS A 50-YEAR LOW… Stocks dipped in volatile trading, but the September jobs report’s 3.5% unemployment rate–a 50-year low!–held off larger declines, and the tech-y Nasdaq actually finished ahead.
The 136,000 new Nonfarm Payrolls were joined by 45,000 more jobs added in upward revisions to prior months. Hourly earnings were flat for the month, but total wages are now up 4.3% over a year ago.
ISM Manufacturing fell below 50, indicating contraction, and ISM Services dipped, though still showed growth. But both are surveys, not actual performance measures. In fact, Fed Chair Jerome Powell confirmed the economy is “in a good place.”
The week ended with the Dow down 0.9%, to 26,574; the S&P 500 down 0.3%, to 2,952; but the Nasdaq UP 0.5%, to 7,982.
Things stayed bullish in the bond market. The 30YR FNMA 4.0% bond ended UP .21, to $103.88. Freddie Mac’s Primary Mortgage Market Survey had the national average 30-year fixed mortgage rate up a tick, but more than 1% lower than a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW?… The U.S. economic expansion will continue at least until 2021 according to the Urban Land Institute. This comes from a survey of 41 economists at 32 top real estate companies. |
