Mortgage Market News

Job openings across the nation edged lower in June, though current levels still suggest that demand for workers remains robust. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) revealed that job openings totaled 5.25 million in June, down from the 5.36 million in May. The job openings rate for June 2015 remained at 3.6% for the third month in a row. Job openings have jumped 11% in the past year, a sign that companies feel that demand for goods and services will pick up.
The International Energy Agency reported its monthly data on oil showing that global demand is growing at its fastest pace in five years, as economic growth continues and consumers respond to lower oil prices. However, global oversupply through 2016 as a glut of oil is flowing through pipes around the world's largest producers. Oil prices have fallen below $50 per barrel, due to the oversupply and a strong dollar. As oil moves lower, prices at the pump are expected to move back to near $2 per gallon on average by December.
The recent move by China to devalue their currency has left global Stock markets in a panic feeling that the world's second largest economy is beginning to slow. The fallout here in the U.S. has pushed the closely watched S&P 500 Stock Index into negative territory for the year, after having plunged for two straight days. The U.S. Stock markets have been on a blistering pace higher since hitting multi-year lows back in March of 2009, which was the height of the Great Recession. The index hit 666 on March 9, 2009, and recently hit an all-time closing high of 2,130 back in May.
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