Daily Economic Update for January 5, 2011Presentation Transcript
Daily Economic Update
Purchase applications fell 0.8 percent the week of December 31, following a 3.1 percent gain in the prior week.
Refinancing applications increased 3.9 percent last week following a 7.2 percent drop the week prior.
The average 30-year mortgage has risen nearly to five percent, up nine basis points to 4.93 percent.
ADP released their survey data this morning from U.S. businesses. Results of the survey show an increase in private payrolls of 297,000 for December. This follows a gain of 92,000 in November. The gain for December is three times higher than many economists have predicted for the month.
The service-providing sector rose by 270,000 in December--the largest monthly increase in the history of the report.
Medium sized businesses, those with fewer than 500 and more than 50 employees increased the most at 144,000 workers. Small businesses, those with fewer than 50 employees added 117,000 workers in December.