The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday.Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.With upward revisions from previous months, the report eases conc
The 30-year fixed-rate mortgage averaged 6.12% this week, Freddie Mac reports.After several weeks of declines, mortgage rates reversed course this week, inching up slightly. Still, with the 30-year fixed-rate mortgage averaging 6.12%, according to Freddie Mac, borrowing costs remain well below a year ago, when rates surged above 7%. Prospective home buyers may want to stop holding out for lower rates, experts say.“The decline in mortgage rates
As far as economic data goes, it was a bit of a stunner.Economists had expected U.S. employers to have added about 150,000 jobs in September. Instead, they created more than a quarter-million jobs last month, while the unemployment rate fell to 4.1%, according to a report Friday from the Labor Department.Here are five things to know about Friday's surprisingly strong jobs report.Employers are still adding a lot of jobs In total, the U.S. added 2
Private sector hiring picked up in September, indicating the labor market is holding its ground despite some signs of weakness, payrolls processing firm ADP reported Wednesday.Companies added 143,000 jobs for the month, an acceleration from the upwardly revised 103,000 in August and better than the 128,000 consensus forecast from economists polled by Dow Jones.While hiring increased, the rate of pay growth took another step down. The 12-month gai
Even though borrowing costs are falling, many businesses might still face a squeezeWhether interest-rate cuts from the Federal Reserve help engineer a soft landing depends only partly on how much weakness is under the hood of the U.S. economy. Success also depends on lower borrowing costs spurring new investment and spending to counteract any slowdown.Fed Chair Jerome Powell cast last week’s half-point reduction in interest rates as a show
While buyers face off for homes, real estate professionals compete for business, NAR data shows.Despite a sluggish summer for home sales, potential buyers are still facing pockets of steep competition in some parts of the housing market.Sixty percent of home sellers nationwide sold their home in less than a month, a sign of strong buyer demand, according to the latest REALTORS® Confidence Index, a survey of 1,600 NAR members. But the marke
Pending home sales edged up 0.6% in August, as declining mortgage rates made home purchases more affordable, according to data released Thursday by the National Association of RealtorsPending home sales edged up modestly in August, as declining mortgage rates made home purchases more affordable, according to new data released Thursday by the National Association of Realtors (NAR).The Pending Home Sales Index (PHSI) rose 0.6 percent to 70.6 in Au
Sales of new U.S. single-family homes fell less than expected in August and could regain momentum in the months ahead as declining mortgage rates and house prices stimulate demand.The report from the Commerce Department on Wednesday also showed new home sales were higher than previously estimated in the prior three months. The Federal Reserve last week cut interest rates by 50 basis points to the 4.75%-5.00% range, the first reduction in borrow
A modest improvement in housing affordability may motivate more home buyers to make a move. Read more from NAR’s latest housing report.Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.The National Association of REALTORS®’ Pending Home Sales Ind
Consumers’ view on the economy tumbled in September, falling by the largest level in more than three years as fears grew about jobs and business conditions, the Conference Board reported Tuesday.The board’s consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104. By contrast, the index had a reading of 132.6 in Febru
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