Challenger job cuts rose to a 5 year high, up 79% YoY, with losses in financial and auto jobs leading the way. 75% of job categories are now seeing lay-offs, as the labor market weakness spreads. Year-to-date, layoffs have totaled 875k.
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The ADP private sector employment job report showed a higher than expected loss of 157k jobs in October. Consensus looked for a 100k drop. This index has been under-estimating job losses by 71k on average each month this year. Consensus for Friday's payroll loss is currently 200k, which includes government jobs as well as private sector employment. Government jobs have continued to grow modestly as the private sector has been shedding positions this year. The economy has lost net jobs each month this year.
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MBA Mortgage applications fell 20% WoW, bringing them back to an 8-year low (12/2000), as thirty year mortgage rates rose 21bp to 6.47%. Purchase applications fell -14% WoW and refinance applications fell -28% WoW, as the housing slump continues.
Wednesday, November 5, 2008
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