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Author Topic: Current Homeowners Considering Purchase Of Home  (Read 722 times)

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Current Homeowners Considering Purchase Of Home
« on: October 07, 2011, 01:51:34 PM »
Daily Market Commentary for October 06, 2011

Survey shows 19% of current homeowners and 29% of current renters are considering the purchase of a home within the next two years.
(read more at Millennium-Traders.Com)

Per the Labor Department, the U.S. added 103,000 non-farm jobs during September. Nearly 45,000 of that 103,000 workers were returning workers after the end of a strike at Verizon Communications Inc. Revisions to the past two months added 99,000 workers to payrolls while the government sector continued to shed jobs during September and private payrolls expanded by 137,000 jobs. The unemployment rate held firm at 9.1% as expected. Average hourly earnings increased 0.2% to $23.12 during September, reversing a drop in August. Earnings are up 1.9% in the past year and the average workweek rose six minutes to 34.3 hours. The manufacturing workweek edged lower. The labor force increased by 423,000 and some discouraged workers returned to the labor market. The participation rate rose to 64.2% in September from 64.0% in the prior month. An alternate measure of employment, which includes discouraged workers and those forced to work part-time because of the weak economy, rose to 16.5% from 16.2%, striking the highest level since December 2010.

Commerce Department reported inventories at U.S. wholesalers rose 0.4% in August and were up 14.4% from the prior year. Sales of wholesalers rose 1% in August, while the inventory-to-sales ratio was 1.16.

Fitch Ratings downgraded Italy and Spain as persistent sovereign debt problems and doubts about whether some euro-zone members will be able to meet their budget goals, weighs on the minds of investors. Fitch cut Italy’s credit score to A+ from AA- and it's short-term rating from F1+ to F1 -reflecting “the intensification of the euro zone crisis that will require a “politically and technically complex” solution. Italy's sovereign credit profile remains relatively strong and is supported by a budgetary position that compares favorably to several European and high-grade peers. Fitch lowered Spain’s rating to AA- from AA+ and said the rating outlook is negative. The fragility of the economic recovery as the process of deleveraging and rebalancing continues, render Spain especially vulnerable to such an external shock.

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