Shelter Six:  Economy Adds 196K Jobs in March

A slowdown in the pace of wage growth offset stronger than expected job gains in Friday’s key Employment report, and the net impact to rates was small.

After rising steadily for the last several months, average hourly earnings unexpectedly reversed in March and were just 3.2% higher than a year ago, down from 3.4% last month.

On the other hand, job gains surpassed expectations.  Against a consensus forecast of 170K, the economy added 196K jobs in March.

Strength was seen in the Health Care and Leisure & Hospitality sectors.  The unemployment rate remained at 3.8%.

Another closely watched economic report released this week remained volatile.  Retail Sales declined a bit from the previous month, while the consensus was for a modest increase.

Retail Sales have been affected by a number of temporary factors including unusually high stock market volatility, the government shutdown, and delays in tax refunds.

Rate Update

After rates fell in March the most of any month in over a decade, the first week of April ended with rates bouncing a little higher.

This Week

Wednesday will be the big day with the next European Central Bank (ECB) meeting taking place, CPI figures being released, and minutes from the March 20 Fed meeting coming out.

April 8, 2019 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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