Private Jobs, Productivity, and Labor Cost all Higher.

MBA Mortgage Applications  (week ended 11/27/2015)

– Purchase Index Week/Week +8.0%. Previous weeks were -1.0%, +12.0%, +0.1%, -1.0%, -3.0%, +16.0%, -34.0%, +27.0%, -6.0%, +9.0%, -4.0%, -1.0%, and +4.0%.

– Refinance Index Week/Week -6.0%. Previous weeks were -5.0%, +2.0%, -2.0%, -1.0%, -4.0%, +9.0%, -23.0%, +24.0%, -8.0%, +18.0%, -9.0%, and -10.0%.

– Composite Index Week/Week -0.2%. Previous weeks were -3.2%, +6.2%, -1.3%, -0.8%, -3.5%, +11.8%, -27.6%, +25.5%, -6.7%, +13.9%, -7.0%, and -6.2%.

Purchase application are up 30% year-on-year.  In part this may be because the percentage of purchase will are all cash is declining.

 
ADP Private Jobs (November 2015)

– ADP Private Jobs +217,000. Previous was +196,000.

In the past few months this report has been inconsistent with BLS which will be released this Friday.

 

 

Productivity and Costs (3rdQ2015)

– Nonfarm productivity quarter/quarter seasonally adjusted, annualized  +2.2%. Previous was +1.6%
– Unit labor costs quarter/quarter seasonally adjusted, annualized  +1.8%. Previous was +1.4%.

Gains in Productivity (GDP/hours worked) have been notably inconsistent in this recovery.  Labor Cost increase reflects an increase in health care cost as well as wages.