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Mark Hemingway

Mortgage Market Update for August 2nd

Monday, August 5, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

And the survey says: 164K jobs created in July, just above the 160,000 expected, reports the Bureau of labor Statistics. The report showed that revisions for May and June were revised lower by 41,000, the Labor Force Participation Rate ticked up to 63%, and the U6 number, or total unemployed, fell to 7% while average hourly earnings rose 0.3% versus 0.2% expected. The unemployment rate inched higher to 3.7% from 3.6% as more Americans entered the workforce. Overall a solid report.

Yesterday, the White House took the US markets by surprise when it announced it may slap a 10% tariff on an additional $300 billion in Chinese exports entering the US. The headlines pushed bond prices higher, yields lower while US stocks fell. The president did say that he would hold off on the tariffs if certain measures are met and meet in September as scheduled. Stocks are modestly lower after the volatility that took place this week. The markets will now be eagerly awaiting any new trade headlines, which could turn positive rather quickly.

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