Existing Home Sales rise 6.5% in July from June to 5.39M units annualized and above the 5.10M expected.
Reuters reports that 75% of the nearly 1 million people hired this year are only part time workers. Additionally, many of the jobs are low-paid. Staffing and payroll firms say concerns on the new health care laws could drive up business costs possibly stalling the economy further.
The Jackson Hole Symposium kicks off today. The meeting focuses on important economic issues here in the states and abroad and is a gathering of influential central bankers and finance ministers as well as academic luminaries and leading market players from around the globe. Somehow, I did not get invited. I don’t feel too bad though because Mr. Bernanke will not be attending this year either, confirming in most minds that he is retiring in January. I should be so lucky.
MBS trending sideways, keeping 30 year rates in the 4.125-4.625% range. (8.21.13)