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Market Movement January 8, 2024

Notable News

  • Older Americans may be more likely to sell and downsize this year. Read Now >>

  • Atlas Research founder discusses how the market seems to be heading north in 2024. Watch Now >>

  • Design trends to watch in 2024. Read Now >>

Market Recap

  • Construction spending inched up to 0.4% month-over-month in November - slightly lower than expected.

  • Mortgage application submissions slipped a composite 9.4% during the two weeks ending 12/29. Though the holiday-adjusted Refinance Index slipped 38% week-over-week, it was 15% higher than it was during the same period one year prior. The seasonally adjusted Purchase Index decreased 5% week-over-week.

  • Job openings on the Labor Department's Job Openings and Labor Turnover (JOLTS) came in below expectations for November. The survey was expected to end the month at 8,850,000 but came in at 8,790,000.

  • Continuing jobless claims were at a level of 1,855,000 during the week ending 12/23, a decrease of roughly 30,000. During the following week, initial jobless claims slipped by 18,000 to 202,000.

  • The ADP nonfarm employment change in December was higher than expected at 164,000 vs the 115,000 expected.

The employment situation was largely better than expected in December. Average hourly earnings increased 0.4% while the average workweek slipped to 34.4 hours. Government payrolls were at 52,000, while manufacturing payrolls were at 6,000. The main report, payrolls, were much higher than expected at 216,000. Private payrolls also exceeded expectations at 164,000. The participation rate decreased to 62.5%. The unemployment rate fell to 3.7%


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