The Bureau of Labor Statistics reports that payroll growth rebounded in March after the weak reading in February. Nonfarm Payrolls rose 196,000 last month, above the 175,000 expected and above the 33,000 created in February. For January and February, upward revisions totaled 14,000. The unemployment rate remained at 3.8%, near 50-year lows. Hourly earnings rose 3.2% year-over-year, down from 3.4% in February. Overall, a solid report with average job growth at 180,000 for the first three months of 2019.
The MBA reports that its Mortgage Credit Availability Index (MCAI) rose in March from February. A decline in the MCAI indicates that lending standards are tightening, while increases are indicative of loosening credit. The MCAI gained 1.1% in March to 182.1. The MBA said that credit availability rose primarily due to a spike in jumbo mortgage offerings.
Comments(1)