Job growth unexpectedly surged in September – The Department of Labor and Statistics reported that 336,000 new full-time jobs were added in September. That was almost double the 170,000 new jobs that economists expected. The unemployment rate increased to 3.8% in September, up from 3.5% in August, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.2% year-over-year, down from 4.4% the previous five months.
The Dow Jones Industrial Average closed the week at 33,407.58, up 0.3% from 33.507.50 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 4,308.54, up 0.2% from 4,298.05 last week. It is up 12.2% year-to-date. The Nasdaq closed the week at 13,431.34 up 1.6% from 13,219.22 last week. It is up 28.3% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.78% up from 4.59% last week. The 30-year treasury bond yield ended the week at 4.95% up from 4.73% last week. We watch bond yields because mortgage rates follow bond yields.
Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 5, 2023, were as follows: The 30-year fixed mortgage rate was 7.49%, up from 7.31% last week. The 15-year fixed was 6.78% up from 6.72% last week.
Have a great weekend!