Good Morning and welcome back from summer!
The un-official start of Fall started with a bang! Talks of trade wars, slowing home sales and cryptocurrencies dominated the newswire!
August non-farm payrolls surprised traders with 10,000 more jobs than expected for a total of 201,000. The bigger shock was 2.9% wage growth in June and July. As wages continue to grow, the Fed will most likely raise rates at the end of this month and again in December.
Even with income growth and confidence in job security, new home sales are struggling to jump up. Low inventory along with higher interest rates causing issues of affordability stalled the housing market over the summer months. The Fannie Mae Home Purchase Sentiment Index® increased in August for the first time since May.
Did you know pumpkins are a member of the gourd family, which includes cucumbers, honeydew melons, cantaloupe, watermelons, and zucchini? These plants are native to Central America and Mexico, but now grow on six continents!
That’s our market update, we’ll be back in two weeks!