Market Update | 10-05-22

• October 5, 2022
• realestatelife
• Announcements, Business & Markets, Interest Rates, Politics & Economy, Rates, Real Estate, Real Estate Finance, World News, Your Real Estate Life

Jobs, Jobs, Jobs: September ADP Employment Change was a little stronger than expected (208K vs. est. of 200K). Annual Pay rose by 7.8% for “job stayers” and up 15.7% for “job changers”

Taking it to the House: Weekly Mortgage Applications tanked by -14.2%. Refinance Applications fell by -17.8% and Purchase Applications declined by -12.6%

Trade inBalance: The national goods and services Trade Balance was better (less worse) than expected, -$67.4B vs. est. of -$68.0B

Services: Markit Down. The September Markit Services PMI were contractionary (below 50) with a 49.3 reading. The more closely watched ISM Services PMI was stronger than expected, 56.7 vs. est. of 56.0. New Orders and Employment were both much higher than expected.

Central Bank Palooza: The Reserve Bank of New Zealand raised their key interest rate by 50BPS to 3.50% which was widely expected.