October 9, 2018
The first major data has been released during the last quarter of the year. The September jobs report showed an increase of 134,000 jobs, less than expected; however, the previous two months of job gains were revised upward by 87,000 jobs. The headline unemployment rate moved to 3.7%, the lowest in almost 50 years — while the labor participation rate was unchanged. Wages increased by 0.3% from last month and 2.8% over the past year. What does this all mean?
Generally, it was another moderately strong employment report with wage growth in line with estimates, even though the effect of Hurricane Florence was not quite clear. Taken together with the economic growth for the first half of the year, it means that another rate increase in December continues to be in play. However, there will be much more data released before the Federal Reserve Board’s December meeting, including two more jobs reports and the preliminary economic growth numbers for the third quarter. These numbers could serve to change the probability of another rate increase.
Meanwhile, while interest rates are higher, they do not seem to be affecting the economy at all — excepting the real estate sector. Actually, a slow-down in the real estate sector may help consumers because they have faced a shortage of inventory all year. We are already seeing more homes on the market to satisfy latent demand in the sector. Again, we are faced with this question — how high can rates go before the economy starts to be negatively affected? For now, the Fed believes we have not reached that point.
Source: Origination Pro
Are you buying a home or business in Queens, Brooklyn or NYC NY? Amerimutual Mortgage is a local business that is owned and operated by two brothers who are proud to make a difference helping their community in Astoria NY. By matching home buyers with the right mortgage products for their needs, Benny and Phil Loria provide vital loan lending services to the real estate community of New York City. Amerimutual Mortgage provides home loans for residential properties and commercial loans for business men and women who might be buying buildings, warehouses or retail store locations. They also provide loans for real estate investors who may be buying multi-family duplex, triplex, quad, or high-rise apartment building. Call Benny Loria at (718) 943-9200 to discuss your options for residential or commercial real estate loans, or assessing value and returns on real estate investment property in New York City and surrounding boroughs of Queens NY, Brooklyn NY, Staten Island NY, Bronx NY. Or, you can even apply for a mortgage online.
Benny Loria, Vice President (NMLS#: 900146)
718-943-9200 Ext. 115
Local neighborhood mortgage loan experts. We live and work in Astoria, Queens NY and are dedicated to seeing our community grow and prosper.
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