Housing permits, NC unemployment rise
Posted August 17, 2012
Riding the wave of momentum from the NAHB Sentiment report out on Wednesday, housing permits rose to their highest level in four years on Thursday according to a report out from the Commerce Department. Permits rose 6.8 percent in July which is now the highest rate since August 2008. This is an excellent sign for the continuation of future housing growth.
The University of Michigan’s Consumer Sentiment Report for August delivered an increased reading of 73.6, up from the 72.3 reading in July. The August reading sits at its highest level since May, but overall was the third lowest reading of the year. Consumers are still cautious about the economy and the global economic drag caused by Europe’s economic and debt woes.
North Carolina unemployment rose to 9.6 percent in July from 9.4 percent in June according to the latest report out from the North Carolina Department of Commerce. The increase follows the lead from the U.S. jobs report in July which increased slightly to 8.3 percent.
Mortgage rates were relatively flat on Friday, after a week of significant upward movement. The 10-Year Yield now sits at 1.81 as of Friday’s close, which is a huge departure from where we were just a week or two ago.
All eyes will be focused on existing and new home sales data next week, along with reports on Durable Goods and Jobless Claims. A continuation of stronger than expected data will certainly give the Fed a reason to pause on whether or not they decide to pull the trigger on any further monetary stimulus.