Private companies added 174k jobs in January, versus a 50k estimate, according to ADP. Leisure and hospitality added 35k for the month but remains well below pre-pandemic levels. |
The ISM manufacturing index rose to the highest level in almost 2 1/2 years in December. Manufacturers have expanded for 7 months in a row since the economy reopened last spring. |
Jobless claims decreased for the 3rd week in a row to the lowest level since November, a sign that job cuts are starting to slow as COVID-19 infection numbers ebb. |
Construction spending hit a record high in December, as low mortgage rates powered outlays on private projects. Single-family homebuilding and residential projects both increased. |
Mortgage applications rose last week, breaking a 2-week streak of declines. Refinance applications were up 59% year-over-year, and purchase apps were up 16%. |
Remember those millennials that we thought weren't buying homes? They were just taking their time and are now skipping starter homes for bigger and more expensive properties. |