Seattle Mortgage Rates Today 5/2/12
Seattle Mortgage Rates Today 5/2/12: “Word of the day? ‘UNEMPLOYMENT!’” Today’s ADP Report, which recounts the current state of private sector jobs, reflected a disappointing 119,000 gains. With this Friday’s Jobs Report due, the ADP Report does not fare well as 167,000 private sector jobs were expected to be created. Also expected is the low number—around 2000—job losses in the public sector which would yield approximately 165,000 in total jobs gained.
“Word of the Day in Europe? ‘UNEMPLOYMENT!’” Higher than expected unemployment rates were also reported in Germany and Italy. Italy’s unemployment rate is climbing as it has peaked—it reported its highest reading since 2000. Exacerbating this situation is that the EU mandated austerity measures have yet to be implemented. We can expect more painful economic turmoil to surface as those measures take place. Obviously the Euro will be negatively affected with the US dollar and US bonds benefitting.
Let’s wait and see what Friday’s Jobs Report brings us. Should we see more of the aforementioned, perhaps more talk of stimulus in the form of QE3 may surface.
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