Recent Mortgage News

• Mid-Day Recap: Labor Reports Send Markets into Freefall

  The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years.rn“The heavy loss of jobs in June is a warning that the road to recovery will be bumpy, but doesn't yet indicate that we have gone off the track” . . .

• June Employment Data Worse than Expected: 467k Jobs Lost. 9.5% Unemployment Rate

  Forecasts were much too optimistic for the June employment numbers. The labor market lost 467,000 jobs last month, pushing the unemployment rate up one-tenth to 9.5%, its highest level in 26 years. Analysts had been looking for just 325,000 lost jobs.

• Markets Hesitant Ahead of Employment Data

  Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependent on the direction of the labor market. Many look for signs of stabilization after last month’s downside surprise, but signs of a recovery have been far from evident in the weekly Jobless Claims numbers or the ADP private employment report. The consensus looks for 325,000 jobs to have vanished this month, with forecasts ranging between 225,000 and 435,00