Free Markets, Free People
Economic Statistics for 7 Mar 12
The following statistics were released today on the state of the US economy:
The Mortgage Bankers Association reports mortgage applications fell -1.2% last week, with purchase apps up 2.1%, but re-fis down -2.0%.
The ADP Employment Report estimates that February net new jobs in Friday’s Employment Situation report will rise by 216,000.
The final revision for 4Q productivity shows a 0.9% increase in productivity for the quarter, but with a 2.8% increase in unit labor costs. Productivity gains are modest, while labor costs are escalating. This is not good for continued labor growth.