Happy Friday, Brian Manning here with the weekly update. I can’t believe it, another month has gone by. It’s jobs week! We’re going to talk about that in a moment.
Let’s see, Monday of this week we had Johnson & Johnson announcing their partnerships with Merck, stating that they will now be the third vaccine that will be widely available to Americans. You have the Biden administration saying that hopefully, any American that wants to get vaccinated will be able to do so by the end of May, so this is just great news. It’d be wonderful to really get more progress in opening up our economy here.
Tuesday, we had CoreLogic announce that 76% of households will not be purchasing or have no plans to purchase a home in the next 6 months. This is kind of negative news, but what’s crazy is if you look into it, that means that 24% of households are interested and wanting to buy a home in the next 6 months. That means that there are 11 million households across the United States that want to purchase homes in the next 6 months, but there’s only 1 million homes available in the United States to purchase. So here we are, in a strong sellers market, and this is just proof that it’s going to continue.
Wednesday of this week and the first Wednesday of every month we get the ADP report. ADP is the largest provider of private payrolls in the US and this is a reading for the month of February, analysts’ expectations was that 225,000 jobs will be created in the private sector and we had 117,000 jobs that were created, so really not that great.
Thursday of this week, we had Jerome Powell – Jerome Powell is the president of the Federal Reserve and certainly markets were not loving what he had to say but what he did say was that he does know that inflation is going to really start to run hotter in the future and for right now. They really have always had this 2% target of controlling inflation, but they might let inflation run a little hot and with the stimulus package coming through we’re likely going to see inflation becoming you know, more of a challenge as far as rates are concerned here, all the way through June of this year. So really, bond markets, mortgage markets, not loving what Jerome Powell had to say this week. But we’ll just have to wait and see what happens as they have a big meeting coming up March 16th and 17th and that’s going to be all-eyes on the Federal Reserve in that meeting to see which direction they’re going to be heading as far as bond buying and inflation control is concerned.
Today, first Friday of the month, we get… excuse me, another employment report is the BLS this is the government’s report, that’s the Bureau of Labor Statistics. Expectations for the month of February was 225,000 new jobs created, we got almost 400,000 jobs so you would think that’s a strong report, it is, it is great to see job gains. Unfortunately, we’re still running at around a 10% unemployment right now so we still have a long way to go in our US recovery here.
I’m available all weekend, if you have any questions, let me know. I would love to help you in any way I can. If you need a revised pre-approval, a new pre-approval over the weekend call me on my cell phone, text me, whatever works for you is good for me.
Happy Friday, have a great day!!