September 11, 2018
Leading up to the jobs report released last week, all indications were that the good times would continue. We had an upward revision in the measure of economic growth for last quarter, consumers continue to spend, and confidence is soaring. Therefore, the markets were predicting another strong employment report, especially considering that last month’s numbers were a bit lighter than expected. Of course, each release is subject to revisions which is what makes the reports harder to interpret from month-to-month.
The number of jobs added was reported at 201,000 for August. This was higher than expected. The previous months were revised downward by 50,000. The headline number was the unemployment rate, which came in at 3.9%. This number carries more importance when looking at the labor participation rate, which measures how many people are coming back to the workforce. The rate came in at 62.7%, which was down from last month because of more individuals re-entering the work force.
The Fed will be meeting at the end of the month, and certainly these numbers will be considered when they decide whether to raise short-term interest rates. Right now, the markets are banking on another 1/4% increase, especially considering the statements recently made by the members of the Fed, including Chairman Powell. Even more important than the gain in jobs, the acceleration in wage growth reported for last month certainly supports this prediction.
Source: Origination Pro
Our company values are grounded in the principles of honesty and fair dealing. For you, this means responsible lending with reasonable fees and you can enjoy a worry-free lending experience from a local Astoria, NY business you can trust.
AMERIMUTUAL is an Upfront Mortgage Broker that places a premium on transactional transparency. Our valued clients appreciate this advantageous approach and enjoy the benefits of having a mortgage broker that is fully aligned with consumer interests.
Call: (718) 943-9200
Review our A+ Rating and information on file with the Better Business Bureau.
President & CEO, Philip Loria
Philip Loria founded AMERIMUTUAL Mortgage in 2007, and has served as its Chief Executive Officer since its formation. He is the guiding force behind AMERIMUTUAL’S growth and success, and has set standards nationally for expertise, vision and reputation in Residential and Commercial real estate finance. Philip Loria’s stature has been consistently recognized by local and national media, including: Publications by the New York Times & The Real Deal New York’s Real Estate News.
Philip’s years as an attorney have built a strong foundation of in-depth knowledge on mortgage lending and the shifting landscape of New York’s real estate market. His comprehensive understanding of these financial instruments allows him to offer authoritative guidance to AMERIMUTUAL’S stable of trained loan officers ready to serve your lending needs. Too often as an attorney, clients seek Philip’s legal services after falling victim to misguided advice or predatory practices; by then damage is already done. With the creation of AMERIMUTUAL, Philip built an indispensable resource for home buyers searching for straightforward and trustworthy advice from an expert. Philip is passionate about delivering high quality mortgage product solutions for you and your family. If you would like to speak to a trusted Queens Mortgage Broker call Phil Loria – 718-943-9200 Ext. 101