Private Jobs +200,000

MBA Mortgage Applications (week ended 3/25/2016)

– Purchase Index Week/Week +2.0%. Previous weeks were -1.0%, +0.3%, +4.0%, -1.0%, +2.0%, -4.0%, +0.2%, -7.0%, +5.0%, -2.0%, +18.0%,-15.0%, and +4.0%.

– Refinance Index Week/Week -3.0%. Previous weeks were -5.0%, -6.0%, -2.0%, -7.0%, -8.0%, +16.0%, +16.0%, +0.3%, +11.0%, +19.0%, +24.0%, -37.0%, and +11.0%.

– Composite Index Week/Week -1.0%. Previous weeks were -3.3%, -3.3%, +0.2%, -4.8%, -4.3%, +8.2%, +9.3%, -2.6%, +8.8%, +9.0%, +21.3%, and -27.0%.

 
ADP Private Jobs (March 2016)

– Private Jobs  +200,000. Previous revised to 205,000.

We have been seeing jobs creation but the jobs created in the past several years have been relatively low paying jobs.  We see this reflected in lower Worker Productivity (GDP/hours worked) and in slow growth in Consumer Spending and GDP.  Also we need about 130,000 more jobs each month the keep up with population growth keeping the Labor Participation Rate constant.