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Mark Hemingway

Mortgage Market Update for July 6th

Thursday, July 6, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Lower gas prices and higher consumer confidence may be just the ticket for Americans to spend more on fun in the sun this summer. Yesterday's release of the Vacation Confidence Index showed Americans are on track to spend a total of $101.1 billion on vacations this year, a 12.5 percent increase over 2016 and the first time in eight years that spending has exceeded $100 billion. Allianz Global Assistance, the keeper of the index, suggests this increase could be a result of Americans having a brighter picture of the economy. The cost to fill up on a tank of gas and head out on a road trip is at record lows.

On the labor front, ADP National Employment Report showed U.S. private employers added 158,000 jobs in June, below expectations. Private payroll gains in May were revised downward by 23,000 to 230,000. Non-farm payrolls for June will be released tomorrow and is forecast to show 179,000 new jobs.

Want dinner or dessert delivered to your door? There's an app for that. More restaurants are jumping on the bandwagon to provide consumers ease and convenience with food delivery. McDonald's has partnered with Uber. Baskin Robbins has hooked up with DoorDash. Buffalo Wild Wings, Panera, Burger King and others are in deep to make their consumer experience relevant in today's market. A recent study showed ordering food from a restaurant or other food service provider via mobile app, text message or internet climbed 18 percent in March from March 2016.

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