Private Jobs Post Slowest Gain in 14 Months.
MBA Mortgage Applications (week ended 3/27/2014)
– Purchase Index Week/Week +6.0%. Previous weeks were +5.0%, -2.0%, +2.0%, -0.2%, +5.0%, -7.0%, -7.0%, -2.0%, -0.1%, -3.0%, +24.0%, -5.0%, and +1.0%.
– Refinance Index Week/Week +4.0%. Previous weeks were +12.0%, -5.0%, -3.0%, -0.2%, +1.0%, -16.0%, -10.0%, +3.0%, -5.0%, +22.0%. +66.0%, and -12.0%.
– Composite Index Week/Week +4.6%. Previous weeks were +9.5%, -3.9%, -1.3%, -1.3%, +0.1%, -8.0%. -13.2%, -9.0%, +1.3%, -3.2%, +14.2%, +49.1%, and -9.1%.
Purchase applications are a leading indicator of Home Sales so the 2 weeks in a row gain may signal recovery in what has been a weak housing sector.
ADP Private Jobs (March 2014)
– Private Sector Jobs +189,000. Previous was +214,000.
This is weaker than expectation and portends a weak BLS Employment Situation Report this Friday. This is the lowest level of ADP private jobs gains in 14 months.
PMI Manufacturing Index
– Level 55.7. Previous was 55.1.
ISM Manufacturing Index (March 2015)
– ISM Manufacturing Index 51.5. Previous was 52.9.
Construction Spending (February 2015)
– Construction Spending month/month -0.1%. Previous was -1.7%.
– Construction Spending year/year +2.1%. Previous was +1.4%.
I would not draw any conclusions from this data. February has reduced public construction spending and bad weather in some parts of the country.