U.S. jobless benefits jumped to the highest level since November and Philadelphia-area manufacturing shrank for the first time in a year, indicating the economy may be slowing faster than forecasted. The number of unemployment claims unexpectedly shot up by 12,000 to 500,000 in the week ended Aug. 14, Labor Department figures showed today in Washington. Because of this news, the Stock Market dropped, led by declines in the largest U.S. companies including 3M Co., General Electric Co. and Boeing Co. that would be hurt by a slowdown in the recovery from the worst recession since the 1930s. A lack of jobs will raise the risk that consumer spending will weaken further than it already has. Investors traded in stocks for bonds today from this news causing Mortgage Rates to improve by the close of business today. Mortgage rates were on the rise this week due to the heavy volume in mortgage refinances…banks has artificially raised rates this week to control the markets.
For more information on the economy and the effects of the markets, feel free to email me anytime.
Bill Nickerson
179 Great Road, Acton MA 01720
978.264.4803 (o) 978.273.3227 (c)
Providing Mortgages Since 1991
Commercial Residential Reverse FHA/VA
No comments:
Post a Comment