Strong ADP Private Jobs Report
ADP Private Jobs (December 2012)
– Jobs were +215,000. Previous was +118,000.
This is one of the strongest pieces of data we have seen in months.
Challenger Job-Cut Report (December 2012)
– Announced Layoffs were 32,556 down from 57,081.
Initial Jobless Claims (week ended 12/29/2012)
– New Claims – 372,000. Previous revised from 350.000 to 362,000
– 4-week Moving Average – 360,000.
At this time of year the data is inaccurate because of holidays. Many states do not report and the Labor Department conjures estimates.
MBA Mortgage Applications (week ended 12/28/2012)
Purchase Index – Week/Week -14.8%
Refinance Index – Week/Week -23.3%
Composite Index – Week/Week -21.6%
Because of the holiday this data may be distorted. Also the percent declines are, because of the holiday, not really week/week but and average of the past 2 weeks compared to the week ended 12/14. Refinancing is being hit by higher rates.