The inflation data scheduled for this week has been pushed back by one week. The unemployment data was the only impactful economic report released this week. Across the board, unemployment statistics came in within expectations, while wage increases were slightly below expectations. Historically, wages have lagged behind inflation, making both unemployment and wage growth strong barometers of the economy’s overall health. Despite the current state of affairs, the economy appears to be holding strong, as reflected across the broader markets.

Job Wages

The average hourly earnings for all employees in the U.S. total private sector reached ($37.41). This represents a 3.57% increase over the past 12 months, reflecting ongoing, though moderating, wage growth, according to data provided by the Bureau of Labor Statistics (BLS).

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw an increase of 0.08%, bringing the current rate to 5.72%.
• 30-Year FRM rates saw an increase of 0.07%, bringing the current rate to 6.37%.

MND Rate Index

• 30-Year FHA rates saw a 0.01% increase, with current rate at 5.93%.
• 30-Year VA rates saw a 0.01% increase, with current rate at 5.95%.

Jobless Claims

Initial jobless claims were reported at 200,000, compared to the expected 205,000 claims. The previous week’s figure was 190,000.

What’s Ahead

Delayed inflation data for the CPI and PPI is scheduled for release next week. It has yet to be determined whether additional delays will occur.