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Weekly Economic Summary from Bank of America‏ * Coral Springs Real Estate Jennyforhome *

* Coral Springs Real Estate Jennyforhome *


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July 11, 2012

Last week in review (July 2-6, 2012)

The Labor Department’s Jobs Report for June was not promising. Read on for details and what it means for home loan rates.

Last Friday, the Bureau of Labor Statistics reported just 80,000 jobs created in June, with 84,000 private job gains offsetting 4,000 government job losses. Revisions to previously reported April and May numbers resulted in an additional 1,000 jobs lost. For the first quarter of 2012, the US economy added an average of 225,000 jobs. But in the second quarter, the economy averaged just 75,000 job creations.

In addition, the Unemployment Rate held steady at 8.2% and the Labor Force Participation Rate (LFPR) was unchanged at 63.8, remaining at a 31-year low. This is a real headwind to the US economy as we need more people “participating” or working relative to those who are not. And that is simply not going to happen as long as the US economy continues to struggle with 2% GDP growth.

The real question to ask is:  Was the report negative enough to guarantee another round of bond buying, known as Quantitative Easing or QE3? It’s important to note that additional hints of QE3 could initially push stock prices higher, shifting cash out of the bond trade and hurting home loan rates (which are tied to mortgage bonds) in the process. This is an important news story to watch in the weeks ahead.

The bottom line is that home loan rates remain near historic lows and now continues to be a great time to purchase or refinance a home.

ISM Index

As you can see in the chart below, the ISM Index (a national manufacturing index based on a survey of purchasing executives at roughly 300 industrial companies) came in at 49.7, showing its first contraction since July 2009 (readings below 50 signal contraction). Weak economic reports are one of the reasons bonds and home loan rates continue to reach record best levels.

Table Source: Mortgage Success Source

In the news this week (July 9-13, 2012)

Table Source: Mortgage Success Source

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Mitch Canada | Sr. Mortgage Loan Officer
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866.861.0702 | visit my website


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* Coral Springs Real Estate Jennyforhome *

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail :


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Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail :


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