Updated 7 months ago on .
National Market update
Hello everyone! I’m Brandon Foster, and today we’re diving into some key updates about the job market, trade policies, and what it all means for consumers.
In February, U.S. employers added 151,000 jobs, keeping the unemployment rate steady at 4.1%. This aligns with an average monthly job growth of around 200,000 since December. However, the positive news is somewhat overshadowed by economic uncertainty stemming from new trade policies.
Speaking of trade, there’s been a significant announcement regarding a 25% tariff on imports from Mexico and Canada. This news initially led to a sell-off in the stock market, and although some tariffs have been postponed, worries about inflation and recession are back on the table, causing sharp declines in stock indices.
On a brighter note, we’re seeing a surge in refinance activity as mortgage rates have dropped. In fact, refinance applications have spiked by 37% compared to last week, reaching their highest levels since October 2024. However, it's worth noting that this is still below the highs we saw in 2020 and 2021.
Yet, not all news is positive. Consumer confidence regarding home purchases is waning. According to Fannie Mae's February Home Purchase Sentiment Index, 76% of respondents believe it’s not a good time to buy. Concerns about affordability and limited housing supply are key factors, and expectations for decreasing mortgage rates have diminished.
In summary, while job stability remains, the volatility from trade policies and declining consumer sentiment could challenge future growth, particularly in the housing market. Keep this in mind as we continue to navigate these changing economic waters.