The Calm Before The Storm…

  • January 9, 2014

calmtoonNo, not another snow storm! I wouldn’t joke about that with you guys after this week. The market was calm; mortgage rates remained mostly unchanged day over day. This will most likely change tomorrow when the all important Jobs Report is released; a storm could be brewing.

  • Today was not void of economic data. Initial Jobless Claims came in at 335k, versus the 330K economists had predicted. Normally, this could move the market; but not today. Do you see any clouds on the horizon?
  • Or are those clouds breaking up? Continuing Jobless Claims fell to a low for the month suggesting the U.S. Labor Market is on the mend.
  • The Consumer Comfort Index advanced to -28.4 from -28.7 the previous period. Kind of looks like our temperatures lately. All joking aside, consumers are apparently feeling optimistic in 2014. Maybe we will see a rainbow after the storm after all.

The Labor Department will release the Employment Situation Report tomorrow. It’s Jobs Friday! Economists forecast employers added 197,000 workers in December versus the 230,000 last month, while unemployment remains at 7%. Investors will be watching this closely since employment is a key indicator the Federal Reserve will use to decide if they want to keep interest rates low.

By Lindsey Fediuk, Quicken Loans Capital Markets Analyst

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