The latest Trade Balance data has shown that despite the rigorous action involved with tariffs, it has had little impact on adjusting the trade balance amongst the US and other countries. The imbalance has gone the other direction — becoming worse — the last 3 releases alone.
The unemployment data has shown to be surprisingly resilient as people are not gaining nor losing jobs on the average. Amidst the current economic events and administrative events, there has been some job scarcity in many markets but the impact has not been shown in the data.
Hourly wages has also again consistently lagged behind inflation, and this release has shown that trend to remain. The next week there is scheduled inflation data from the CPI and PPI reports set to release, but they have been often delayed with the current affairs.
U.S. Trade Deficit
U.S. Trade Deficit Widens Less Than Expected To $57.3 Billion In February: A report released by the Commerce Department on Thursday showed the U.S. trade deficit increased by less than expected in the month of February. The Commerce Department said the trade deficit widened to $57.3 billion in February from a revised $54.7 billion in January.
Unemployment
The number of people who applied for unemployment benefits in late April sank to a 57-year low, underscoring the remarkably low level of layoffs in the U.S. economy amid heavy turbulence. So-called initial jobless claims sank by 26,000 to 189,000 in the seven days ended April 25, the government said Thursday. That’s the lowest level since 1969, when the population and the economy were much smaller.
The U.S. jobs market has shown surprising strength in the past few years, even as hiring nosedived in response to higher tariffs, a decline in immigration and general economic uncertainty.
Primary Mortgage Market Survey Index
- 15-Year FRM rates saw an increase of 0.06%, with the current rate at 5.64%
- 30-Year FRM rates saw an increase of 0.07%, with the current rate at 6.30%
MND Rate Index
- 30-Year FHA rates saw an increase of 0.01% for this week. Current rates at 5.92%
- 30-Year VA rates saw an increase of 0.01% for this week. Current rates at 5.94%
Jobless Claims
Initial Claims were reported to be 205,000 compared to the expected claims of 189,000.
What’s Ahead
Inflation data from the CPI and PPI is scheduled for next week, though ongoing delays may push back the releases.
One of the most common misconceptions in home buying is that the amount you are approved for is the amount you should spend. In reality, lenders calculate the maximum you qualify for based on your income, debts, and credit profile.