Shelter Six:  Another Solid Employment Report

December 10, 2018 by · Leave a Comment 

1. Good news for the 2019 real estate market last week as the latest employment figures showed solid gains in both the number of new jobs as well as wage growth.

2. The economy added 155K jobs in November, a little less than the 190K expected.  So far this year, the economy has averaged a whopping 206K new jobs a month.

3. The Unemployment Rate was unchanged at only 3.7%.

4. For the second straight month, Average Hourly Earnings came in at the fastest pace since 2009 and were 3.1% higher than a year ago.

5. Concerns of an escalation in trade tensions with China along with a reduced outlook for global economic growth have led to scaled back investor predictions of the number of Fed rate hikes in 2019.

6. A reminder that the new maximum Conforming loan limit for Single-Family Detached homes is now $484,350 effectively immediately.

Rate Update

Mortgage rates have dropped to the lowest level in two months mostly on the heels of a reduced outlook for global economic growth over the last few weeks.

This Week

CPI Inflation figures are due out on Wednesday with both Retail Sales and Industrial Production on Friday.