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Thursday, September 24, 2009
Tuesday, September 08, 2009
Chicago Real Estate and Mortgage News September 8
Interest rates fell slightly last week, as mixed news on the economy failed to push interest rates significantly in either direction. The shortened week ahead is light on news, which should bode well for mortgage rates.
Here's a look at the economic reports released last week:
The week started with a bang, as the Chicago Purchasing Manager's Index, a widely watched measure of the economy in the Midwest, showed an increase to a reading of 50.0. A reading below 50.0 is a sign that the economy is slowing, a reading above 50.0 is a sign that the economy is picking up. This was the first time the reading was at 50.0 in quite some time. Then, on Tuesday, the Industrial Supply Manager's index showed a reading of a much higher than expected 52.9, a sign that the nation's economy as a whole is growing. This was also a very good sign. Wednesday's news on the service side of the economy - the Industrial Supply Manager's Service index also came in higher than last month, and higher than expected. Productivity in the nation's factories showed an increase in the second quarter - a sign that factories are becoming more productive, albeit with a smaller workforce. Thursday's first time Unemployment Claims came in higher than expected, although lower than the previous week's. Continuing unemployment claims increased, meaning that those people that are unemployed are staying on unemployment longer. Finally, Friday brought news on employment, and the markets received a mixed report from the U.S. Labor Department. The report showed that fewer people lost jobs last month - 216,000 vs. an expected 230,000. Although 216,000 jobs were lost, the markets still considered that good news, because they were expecting more. Go figure! The more reliable unemployment rate rose to a 26 year high of 9.8%. This was much worse than expected, and should have caused a sell-off in the stock market, but the market remained focused for much of the day Friday on the fewer jobs lost figure.
The week ahead will be slow in the news department, with only a handful of reports set for release:
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Economic Calendar for the Week of September 07 - September 11
Wed. September 09 - Crude Inventories Moderate
Wed. September 09 -Beige Book Moderate
Thu. September 10 - Jobless Claims (Initial) Moderate
Thu. September 10 -Balance of Trade Moderate
Fri. September 11 -Consumer Sentiment Index (UoM) Moderate
In addition to this news, there will be another large auction of U.S. Treasury Bonds for the markets to digest.
Contact Ramona DeMille for all your real estate needs
Here's a look at the economic reports released last week:
The week started with a bang, as the Chicago Purchasing Manager's Index, a widely watched measure of the economy in the Midwest, showed an increase to a reading of 50.0. A reading below 50.0 is a sign that the economy is slowing, a reading above 50.0 is a sign that the economy is picking up. This was the first time the reading was at 50.0 in quite some time. Then, on Tuesday, the Industrial Supply Manager's index showed a reading of a much higher than expected 52.9, a sign that the nation's economy as a whole is growing. This was also a very good sign. Wednesday's news on the service side of the economy - the Industrial Supply Manager's Service index also came in higher than last month, and higher than expected. Productivity in the nation's factories showed an increase in the second quarter - a sign that factories are becoming more productive, albeit with a smaller workforce. Thursday's first time Unemployment Claims came in higher than expected, although lower than the previous week's. Continuing unemployment claims increased, meaning that those people that are unemployed are staying on unemployment longer. Finally, Friday brought news on employment, and the markets received a mixed report from the U.S. Labor Department. The report showed that fewer people lost jobs last month - 216,000 vs. an expected 230,000. Although 216,000 jobs were lost, the markets still considered that good news, because they were expecting more. Go figure! The more reliable unemployment rate rose to a 26 year high of 9.8%. This was much worse than expected, and should have caused a sell-off in the stock market, but the market remained focused for much of the day Friday on the fewer jobs lost figure.
The week ahead will be slow in the news department, with only a handful of reports set for release:
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Economic Calendar for the Week of September 07 - September 11
Wed. September 09 - Crude Inventories Moderate
Wed. September 09 -Beige Book Moderate
Thu. September 10 - Jobless Claims (Initial) Moderate
Thu. September 10 -Balance of Trade Moderate
Fri. September 11 -Consumer Sentiment Index (UoM) Moderate
In addition to this news, there will be another large auction of U.S. Treasury Bonds for the markets to digest.
Contact Ramona DeMille for all your real estate needs
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