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Friday Market Update for the Week of October 9th 2021

Happy Friday, Brian Manning here with the weekly update. Let’s see… today we’re just going to talk about the big jobs report. So the question was what was going to happen with employment and unemployment for the month of September. So analysts’ expectations were that 500,000 new jobs would be created, certainly had a miss there, but that was on the BLS report. What’s interesting is if you look at the household survey, there was over 500,000 new jobs created in the month of September, and also in the private sector, there’s about 318,000 jobs created, so not as horrible of a report as just the headlines would see.

Also, you know, something to pay attention to and really ask and see whether that’s going to be an impact next month is that this jobs report was based on a sample reading of the week of September 12th through the 18th. Well, pandemic unemployment assistance, really ended Labor Day weekend. So this is only about 10 days after the unemployment assistance program has ended. So the question is, you know, how many people out there were actually looking for jobs that waited until the last minute, that they let the unemployment assistance end? And was this September 12th through the 18th sample reading really the best time? Maybe not. So we’ll have to wait and see next month when the next jobs report comes out. Unemployment did go down slightly, I think it went from 5.2% to 4.8%. So a little bit of a decrease in unemployment there. Not really having a major impact on mortgage rates in the bond markets right now. Everything’s just kind of flat. So we’ll have to wait and see what happens. I’m around all weekend, if you have any questions, let me know. Call me on my cell phone, text me,
any mortgage questions, you can get pre-approved. I’d love to help you in any way I can. Happy Friday. Have a great day.

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