Last week's economic news was light on housing related reports, but several employment reports were released along with the national unemployment rate, which dipped to 5.50 percent. This was a full point below the Federal Reserve's original target rate of 6.50 percent. Construction spending was incrementally lower than expected and mortgage rates also fell.Fewer Private-Sector Jobs, Non-Farm Payrolls IncreaseThe ADP employment report for February fell from January's reading of 250,000 jobs to 212,000 private-sector jobs. January's reading was upwardly revised from the original tally of 213,000 … [Read more...]
FOMC Minutes: Economy Growing, Housing Lags
Minutes of the Federal Open Market Committee (FOMC) meeting held October 28 and 29 were released Wednesday. The report suggests that the U.S. economy continues to improve, although the annual inflation rate remains near 1.50 percent and short of the committee's goal of 2.00 percent. Falling crude oil prices were cited as a cause of faltering inflation rates. The minutes indicated that FOMC members expect inflation to remain below the 2.00 percent benchmark for the next year or so. The minutes did not reveal an exact date for raising the target federal funds rate, which is currently 0.00 to … [Read more...]
