11 Nov Economy continues modest growth
Last week’s economic data thankfully came in a bit better than expected. Third Quarter GDP printed above expectations, at 2.8%. The October Employment Report showed nonfarm payroll increased by 204,000 new jobs, almost twice the average forecast. 60,000 new jobs were added to both September and August. Over the past year, job growth has averaged 194,000 a month — a sign the economy continues modest improvement.
The effect of this better than expected news:
1) pushed mortgage rates up rapidly on Friday.
2) Anticipate renewed debate regarding the Fed & tapering.