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Mark Hemingway

Mortgage Market Update for July 9th

Tuesday, July 9, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The NFIB Small Business Optimism Index edged lower in June from May though it remains near historically high levels. The index fell to 103.3 from 105.0 in May. The NFIB commented that if economic growth slows, that is not bad in a fully employed economy that can't find enough workers to fill open job positions. "Job openings and plans to create jobs remain historically very strong, and while it's not as "hot" as May, Main Street is still running strong," said NFIB Chief Economist William Dunkelberg.

Job openings remained higher than there are workers to fill those positions across the country as the labor market continues running on all cylinders. The Bureau of Labor Statistics reports that job openings fell by 49,000 on the last day of May to 7.32 million from 7.37 million in April in its Job Openings and Labor Turnover Survey, or JOLTS report. The quits rate held at 2.3% for the 11th straight month in May, the highest since 2005 which means workers are confident regarding their chances to find a new job.

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