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Happy Labor Day! {Market Report} September 2nd

Happy Labor Day! {Market Report} September 2nd
September 2, 2019 abryant

 

 

 

 

Hope you’re able to get the most out of this last long weekend for summer fun. You deserve it!

 

 

I hate it when my body decides to get sick. I gave you a vegetable last week, how dare you.

I always knew I’d get old. How fast it happened was a bit of a surprise though.

Sit down and let me tell you a story. Once upon a time I was hungry, and that’s what happened to all your chocolate.

I have lots of hidden talents. The problem is, even I can’t find them.

I can’t sleep good when I know the food is feeling cold in the fridge.

 

Now The Market Report . . .

 

Consumer confidence retreated a bit in August. However, it remained strong overall, offsetting a weakening in the outlook on economic conditions.

Second quarter economic growth was revised down to 2% from 2.1%, in line with expectations. The economy grew at a 3.1% rate in the January-March quarter.

The number of applications for unemployment benefits rose only slightly last week, pointing to sustained labor market strength despite slowing economic growth.

 

New home sales sank more than expected in July. Builders continue to face challenges, including land and labor shortages and higher material costs.

Pending home sales were also down slightly in July. However, this result came after 2 months of sales gains and is likely due to lack of inventory.

Home prices are still gaining nationally and rose 3.1% annually in June. Sustained low mortgage rates could help continue to drive prices higher.

 

“Tough times never last, but tough people do.”

Robert Schuller

 

This week’s potential market moving reports are:

 

Monday, September 2nd:           Labor Day – No Reports, All Markets Closed

Tuesday, September 3rd:           Construction Spending, ISM Manufacturing Index

Wednesday, September 4th:      MBA Mortgage Applications

Thursday, September 5th:          First Time Jobless Claims, Factory Orders

Friday, September 6th:               National Unemployment

 

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.