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Mark Hemingway

Mortgage Market Update for November 1st

Tuesday, November 5, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

And the survey says ... 128,000 jobs were created in October, nicely above the 80,000 expected. Adding to the positive tone, were strong upward revisions to both August and September, where another 95,000 jobs in total were added. The three-month average for Non-Farm Payrolls is at a strong 176,000, well above the pace needed to sustain the current unemployment rate. And if you factor in the losses from the GM strike and take out the temporary Census workers whom completed their jobs, the October number would have been much higher.Within the report it showed that average hourly earnings rose 0.2% month-over-month, up 3% year-over-year. The Labor Force Participation Rate edged higher, the Unemployment Rate inched higher to 3.6% from 3.5% while the U6 number, or total unemployed, was unchanged at 7% - and more people entered the labor force. Overall, a strong report as the labor market continues to be a bright spot in the US economy.

Manufacturing across the US picked up in October though it remained in contraction mode for the third straight month. The ISM Manufacturing Index came in at 48.3 this month, just above the 47.8 registered in September. The New Orders Index rose while the Employment Index also saw a solid gain. The manufacturing sector has slowed in the past six months due in part to tariff and trade issues.

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