The Labor Department reports initial claims for unemployment benefits last week rose by 4,000 to a seasonally adjusted 248,000. New applications for benefits have been under 300,000 for 122 straight weeks. The unemployment rate is down to a 16-year low of 4.3%. Continuing claims increased by 11,000 to 1,945,000 the week ended June 24. They’ve been under 2 million for 12 straight weeks.
ADP reports private sector hiring slowed in June. Employers added a seasonally adjusted 153,000 jobs during the month. Economists excpected 180,000. Small firms added 17,000 jobs, mid-sized firms added 91,000, and large companies added 50,000.
Freddie Mac reports mortgage rates jumped up. The 30-year fixed-rate mortgage averaged 3.96%this week, up from last week’s 3.88%. A year ago it was 3.41%. The 15-year fixed averaged 3.22% up from 3.17%. A year ago it was 2.74%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
