Better then expected Payroll Sends MBS Market down Shaprly Mortgage Rates Up

By
Real Estate Mortgage Broker with West Town Savings Bank

(Reuters) - U.S. job growth accelerated more than expected in July as private employers stepped up hiring, a development that could ease fears the economy was sliding into a fresh recession. U.S. payrolls increased 117,000, the Labor Department said on Friday, above market expectations for an 85,000 gain. The unemployment rate dipped to 9.1 percent from 9.2 percent in June, but this was mostly the result of people leaving the labor force. The payrolls count for May and June was revised to show 56,000 more jobs added than previously reported The report was the first encouraging piece of economic data in some time. Fears that U.S. economy might be sliding back into recession, coupled with Europe's inability to tame its spreading debt crisis have roiled global financial markets. Economists see the odds of a recession as high as 40 percent. U.S. stocks on Thursday suffered their worst sell-off in two years. Top policymakers at the Federal Reserve will sift through the report when they meet on Tuesday but are not expected to announce any new measures to support the sputtering recovery. The U.S. central bank has cut interest rates to zero and spent $2.3 trillion on bonds. Policymakers have said they want to see how the economy fares before taking any further action. U.S. growth stalled in the first half of 2011, fanning fears of a new downturn. Gross domestic product grew at a 1.3 percent annual pace in the second quarter after a scant 0.4 percent rise in the first three months of the year

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Topic:
ActiveRain Community
Location:
Connecticut
Groups:
All About Fairfield County, Connecticut.
Bergen County, New Jersey
Connecticut Professionals
Westchester County
Westchester Real Estate Network (WREN)
Tags:
rates
refinance
mbs
mbs market
mortgage rates
mortgage
mortgages
loans
home loans

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Rainer
77,858
Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas

Jon- I'm very suspicious of the BLS numbers. Check back next week to see the number revised downward as usual. What disturbs me is the U-6 number. Hold your breath for a bank run in Italy.

I pray we're not in for the whip-saw ride in mortgage rates. That can't help us.

BYW how far is Manalapan from Ft. Dix ? Did my basic there in '69.

August 05, 2011 10:23 AM
Rainer
30,868
Jon Starr
West Town Savings Bank

Hey Mike we are about 40 mins. from FT Dix. I agreee about the BLS numbers but they are what they are.

August 05, 2011 02:53 PM
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Rainer
30,868

Jon Starr

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