233,000 jobs were added in April!  That’s FANTASTIC!  Wondering what else is going on in all things financial?  Step right up my friends, to see Syd Leibovitch’s weekly market update.

U.S. Economy adds 233,000 jobs in April – The Labor Department released the April jobs report that showed  233,000 non farm jobs were added to the economy in April. This was a sign of relief after a disappointing March, which was revised downward to just 85,000 jobs. March’s disappointing number has been blamed on weather and it is expected that job growth will continue at healthy levels. The unemployment rate fell slightly to 5.4%, it’s lowest level since May 2008. Wage growth, finally showing signs of picking up, was up 2.2% on an annual basis which was a little better than expected. Hiring was strong in many industries with the exception of energy. About 15,000 energy jobs were lost in April, which included oil drilling and coal mining. That brings energy related job losses to over 45,000 year to date as a result of low oil prices. Fortunately, other sectors did quite well. Business services added 62,000 jobs. Constriction and health care each added 45,000 jobs in April.

DOW rallies Friday after April Jobs Report – A jobs report that showed job gains bounced back after a disappointing March figure sparked the markets. The Dow jumped 279.46 on Friday after the report was released.  The Dow Jones Industrial Average closed the week at 18,191.11, up from last week’s close of 18,024.06. The Nasdaq closed at 5,003.55, almost unchanged from 5,005.39 last Friday. The S&P 500 closed at 2,116.10, slightly higher than last Friday’s close of 2,108.29.

Bond yields stabilize this week after a sharp rise in April –  The 10 year U.S. Treasury Bond closed the week at a 2.16% yield, up from 2.12% last week.  The 30 year U.S. Treasury Bond closed Friday yielding 2.90%, up slightly from 2.82% last Friday.

Mortgage Rates  –  The 30 year fixed rates ended the week around 4% for loans up to $417,000, and around 4.25% for loans over $417,000.  The 15 year fixed rate loans are about 3.25% for loans up to $417,000, higher loan amounts have rates that are around 3.5%. 5 Year-ARM rates are around 3% and 1 Year-ARM mortgages are around 2.5%. Last week’s Freddie Mac Primary Mortgage Survey showed 30 year fixed rates at 3.8%. 15 year fixed at 3.2%. 5/1 YR ARM at 2.9%and 1 YR ARM at 2.46%. This survey is done early in the week and reflects mostly the prior weeks rates.

Have a great weekend!
Syd


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