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Market Movement March 11, 2024

Notable News

  • Biden lays out plan for lower housing costs Read Now >>

  • HousingWire Lead Analyst talks about rates and Jerome Powell. Listen Now >>

  • U.S is desperate for more housing supply. Watch Now >>

Market Recap

  • Mortgage application submissions jumped a composite 9.7% during the week ending 3/1. The Refinance Index jumped 8% while the purchase Index jumped 11%.

  • The ADP confirm employment change for February was at 140,000-lower than the 149,000 expected.

  • Job openings on the Job Openings and Labor Turnover Survey (JOLTS) were at 8,863,000 in January. This was higher than the 8,800,000 expected number of openings.

  • Continuing jobless claims were at a level of 1,906,000 during the week ending 2/24, an increase of 8,000 from the week before. This was a higher-than-expected increase. Initial jobless claims were at a level of 217,000 during the week ending 3/2, unchanged from the week before.

  • Consumer credit in January was above expectations in January at a level of 19.49 billion.

  • The employment situation had some numbers that were weaker and some numbers that were stronger than expected in February. Though confirm payrolls were expected to come in at 198,000, they were at a level of 275,000. Private payrolls were above expectations as well at a level of 223,000. However, it's important to note that there will likely be revisions to these numbers like we saw in January. Other reports within the employment situation came in weaker. Average hourly earnings were at 0.1% month-over-month and 4.3% year-over-year vs the 0.2% and 4.4% expected. The average workweek was at 34.3 hours. Government payrolls were unchanged at 52,000. The participation rate was unchanged as well at 62.5%. The unemployment rate, however, increased from 3.7% to 3.9%. Manufacturing payrolls fell by 4,000 even though they were expected to climb by 10,000.


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