Fundamentals 11/2: Modest Jobs Growth, Loan Apps, Fed Preview
-ADP Private jobs for October +110,000
-Previous was +91,000 vs. consensus of 100,000
Challenger Job-Cut Report
-Announced layoffs for October were 42,759.
-Down sharply from the previous month’s 115,730 which saw a large number of jobs lost in the U.S. Army.
-Together ADP and Challenger paint a picture of modest jobs growth insufficient to match population growth.
-MBA Purchase Index, Week/Week +1.8%
-Refinance Index, Week/Week -0.2 %
-Composite Index, Week/Week +0.2 %
The two day meeting ends today with an announcement. I would guess that it will say 3Q2011 GDP was nice but we should be vigilant going forward and will hold off on any expansion of money supply (QE) if GDP growth remains where it was in 3rd Q. Be assured that the Fed is ready to take all steps necessary to blah, blah, blah