THE BASIS POINT

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.