The NFIB Small Business Optimism Index rose in March from February to 101.8, 'a historically strong level and an indication that small businesses continue to power the economy after being briefly shaken by January's government shutdown,' reports the NFIB. "Small business owners continue to create jobs, expand their operations, and are enjoying strong sales," said NFIB President and CEO Juanita Duggan. The NFIB index is a leading economic indicator in many ways while giving us a "boots on the ground" perspective of the labor market. This is a solid report and it bodes well for the economy.
A recent prediction by mortgage forecast and advisory firm iEmergent, shows that home-loan volume this year could be set to hit highs seen back in 2005. iEmergent is predicting that total home loan volume will rise nearly 4% in 2019. In addition, there could be $1.2 trillion in home purchase lending in 2019 due in part to the current low mortgage rate environment. Further, a slightly slowing economy and low inflation levels have led the U.S. Federal Reserve to stop raising interest rates this year, which bodes well for the housing market.
The number of job openings edged a bit lower at the end of February but remain just below all-time high levels. The Labor Department reports that the number of job openings fell to 7.1 million in February from the 7.6 million in January. Job openings decreased in a number of industries, with the largest decreases in accommodation and food services (-103,000), real estate and rental and leasing (-72,000), and transportation, warehousing, and utilities (-66,000). This will keep the labor market tight and with wages growing ... another good sign for the housing
Comments(1)