Thursday, June 05, 2014

Friday: Jobs, Jobs, Jobs

by Bill McBride on 6/05/2014 09:47:00 PM

Some great graphs from Nick Timiraos at the WSJ: Mortgage Rates Are Falling, So Where Are the Home Buyers?

True, mortgage rates are low—as low as they’ve been in almost 12 months. But in the same way that shoppers may not be lured by “low prices” at a department store that is always advertising a sale, mortgage rates at 4.1% may not be seen as a steal by buyers who lived with rates that were even lower for all of 2012 and the first half of 2013—especially considering that prices have moved higher.
Check out the graphs!

Friday:
• At 8:30 AM ET, the Employment Report for May. The consensus is for an increase of 213,000 non-farm payroll jobs in May, down from the 288,000 non-farm payroll jobs added in April. The consensus is for the unemployment rate to increase to 6.4% in May. There are 406 thousand more private sector jobs now than when the recession started in 2007, but total employment is still 113 thousand below the pre-recession peak.

• At 3:00 PM, Consumer Credit for April from the Federal Reserve. The consensus is for credit to increase $15.5 billion.

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