Jobs

 

ADP Private jobs +110,000.  Previous was +91,000.  Consensus was 100,000.

 

 

 

Challenger Job-Cut Report

 

Announced layoffs for October were 42,759.  This was down sharply from the previous month's 115,730 which saw a large number of jobs lost in the U.S. Army.

Together ADP and Challenger paint a picture of modest jobs growth insufficient to match poipulation growth.

 

Mortgage Applications
 
MBA Purchase Index - Week/Week  +1.8 %
Refinance Index - Week/Week -0.2 %
Composite Index - Week/Week  +0.2 %

 

FOMC

 

The two day meeting ends today with an announcement.  I would guess that it will say 3rdQ2011 GDP was nice but we should be vigilant going forward and will hold off on any expansion of money supply (QE) if GDP growth remains where it was in 3rd Q.  Be assured that the Fed is ready to take all steps necessary to blah, blah, blah.

Comments

[Mortgage Tennessee]

Thanks for the mortgage graphs; I can say that after recession hit the USA market mortgage rates in every part of the country goes up. I don’t understand first recession hits thousands people lose their job, means no money and mortgage leader raise the rates, how can a unemployed person pay the mortgage if he has not job. I just don’t get it.