The unemployment report is out and it’s not looking good. The talking heads were predicting that the economy would add 90,000 to 125,000 new jobs… we were a little short. The entire economy only added 18,000 new jobs which obviously is far cry from what was needed and expected. WATCH the first 2 minutes of this video, I was amazed at how far off all the “experts” were here…
The stock markets took a hit from the news and now turn to earning reports that start coming out next week. After a the best run the markets have seen in almost a year, uncertainty crept back in because of the the disappointing job numbers.
What will the impact be on the housing market? That is the good news here, the jobs report is for the previous month so any effect on the housing market would have already been felt. There can be some trickle down effects based on consumer confidence, but most people buy or sell based on their personal situation not national economic numbers.
The one good thing that comes out of this was a positive move for charlotte mortgage rates. Rates had been on an upward trend but with the stock market taking hit, mortgage bond markets surged today giving us some needed relief for rates. There had been a significant amount of pressure on mortgage bonds coming from several factors. This jobs report totally reversed that trend, and I wouldn’t be surprised to see rates continue to improve for the next few weeks.