Shelter Six:  Economy Still Steaming Ahead

1. The economy added 213K jobs in June, a little more than expected.

2. The economy has averaged 215K new jobs per month this year, up from 182K per month this time last year.

3. The Unemployment Rate now stands at 4%, up from last month’s 18-year low of 3.8%.  The main reason for the increase though was a surge of workers entering the labor force.

4. Minutes from last week’s Federal Reserve Meeting indicate that Fed members believe recent tax cuts will support economic growth over the next few years.

5. Fed members’ biggest economic concern is increased trade tensions slowing future investment activity.

6. An interesting fact that supports ownership, the Fed estimates that homeowners’ net worth has ranged between 31 and 46 times more than that of renters between 1998 and 2013.

Rate Update

After shooting up about .5% over the first quarter of the year, mortgage rates have been flat and mostly unchanged since.

This Week

The Producer Price Index (PPI) measures the price increase of “intermediate” goods used by companies to produce finished products and is due out on Wednesday.  The Consumer Price Index (CPI) looks at the price change for finished goods and is due out on Thursday.

July 9, 2018 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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