Economic update for the week ending October 3, 2020


The Dow Jones Industrial Average closed the week at 27,682.71, up 1.9% from 27,173.96 last week. It’s down 3.0% year-to-date. The S&P 500 closed the week at 3,348.44, up 1.5% from 3,298.96 last week. It’s up 3.6% year-to-date. The NASDAQ closed the week at 11,075.02, up 1.5% from 10,913.56 last week. It’s up 23.4% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 0.70%, up slightly from 0.66% last week. The 30-year treasury bond yield ended the week at 1.48%, up from 1.40% last week.

Mortgage rates – The October 1, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.88%, down slightly from 2.90% last week. The 15-year fixed was 2.36%, down from 2.40% last week. The 5-year ARM was 2.90%, unchanged from 2.90% last week.

The U.S. economy added 661,000 jobs in September – The Department of Labor Statistics reported that employers added 661,000 jobs in September. Analysts expected 800,000 new jobs, so this number was quite a bit below expectations. This represented a slowing in the pace of the jobs recovery, as over 1.3 million jobs were added in August. Th e unemployment rate dropped to 7.9% in September. It was 8.4% in August.