The Non-farm Payroll figures are a strong indicator of the job market and showed a notable increase this quarter. However, this doesn’t necessarily indicate a significant shift in the job market as a whole, as certain sectors have experienced outsized impacts compared to others. JOLTs job openings data does support the increase in openings seen over the last quarter, though it is not among the largest indicators on the broader economic scale.
Non-farm Payrolls
The +162,000 jobs was considerably stronger than the 31,000 average monthly gain over the preceding 12 months. Food services added 59K and local-government education added 42K, while information employment fell 23K.
JOLTs Job Openings
The number of job openings was little changed at 7.3 million in July, the U.S. Bureau of Labor Statistics reported today. Hires and total separations both changed little at 5.1 million. Within separations, quits (3.1 million) and layoffs and discharges (1.7 million) were little changed.
Primary Mortgage Market Survey Index
- 15-Year FRM rates saw an increase of 0.06%, bringing the current rate to 6.04%.
- 30-Year FRM rates saw an increase of 0.05%, bringing the current rate to 6.71%.
MND Rate Index
- 30-Year FHA rates saw an increase of 0.07%, with current rate at 6.44%.
- 30-Year VA rates saw an increase of 0.09%, with current rate at 6.46%.
Jobless Claims
Initial Claims were reported to be 200,000 compared to the expected claims of 209,000. The previous week landed at 215,000.
What’s Ahead
PPI and CPI inflation data are set to be released mid-week, along with other notable economic releases, including the Federal Reserve Balance Sheet and Consumer Credit data.
When you’ve finally found the home you’re looking for at the right price, it’s easy to think that the hard part is over; however, there’s still a lot to do in order to ensure your purchase goes through without a hitch. If you’re tying up the loose ends on your home purchase, here are some things you should do to avoid any unnecessary delays.
