Wednesday, February 5, 2014 - Article by: Richard Airey - First Financial Mortgage -
ADP reported today the private employers added 175,000 new workers in January, a sign that the labor market may have rebounded after the poor jobs report in December. The Labor Department reported that there were only 74,000 jobs created in December, which was well below the 197,000 that was expected. The 175,000 was just below the 178,000 that was expected. ADP reported that gains were seen in the small businesses, midsize and large companies.Over in the service sector, the Institute for Supply Management (ISM) reported that its ISM Service Index rose to 54.0 in January, above the 53.8 expected. Readings over 50 indicates more companies are expanding than contracting. Within the report it showed that the employment component rose to the highest level in more than three years.In the mortgage arena, the Mortgage Bankers Association reported today that its Market Composite Index, a measure of loan application volume, rose by just 0.4% in the latest week despite a decline in home loan rates. The refinance index increased 3%, while the purchase index fell by 4% in the latest week. Mortgage applications to refinance are down a whopping 63% from last year, while purchases down 17% from a year ago.
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