The DOW closed slightly downward at 13,579.47 on Friday. Friday a week ago, the DOW closed at 13,593, so the seesaw continues before U.S. election day. As almost predicted, the markets have been fluctuating from 12,500 to 13,500. I have noticed that some economists are predicting a “sky is falling” outlook and that we could take huge losses once again in stocks, using transportation stocks as the predictor. Oil has dropped from $100 a barrel to $92 a barrel, causing most Americans to have a little more spending cash from the little savings in gasoline prices we have seen recently. Gas prices could slide even further in coming days. One other bit of positive news is that the U.S. trade deficit dropped 12.1 percent in the second quarter. Weekly jobless claims fell slightly last week too. The U.S. economy is not where we want it to be, but it is far better than it used to be just a few short years ago. So Christmas may be a little brighter this year as a result. Welcome Fall weather and activities!
Real Estate, Mortgage Industry, and Other Economic News
The unemployment rate dipped to 6 percent in August for San Antonio, down from 6.8% the month before. This is the Alamo City’s lowest level in more than three years, as 4,300 jobs were added according to the Federal Reserve Board in Dallas. The jobless rate for Texas is 7.1% compared to the U.S. average which is 8.1%. Austin has the lowest unemployment rate for metro areas at 5.7%. Keith Phillips, the senior economic policy advisor for the Dallas Fed in San Antonio, said, “I look at the numbers and see a pretty healthy San Antonio.” He said the area’s job picture has been clouded since the summer of 2011 when government hiring fell off, mostly related to layoffs in schools. In my opinion, our state government should be ashamed of themselves for cutting back on our children’s future. Keep pressure on your Texas Legislatures to find a better way to fund education in Texas.
Existing home sales rose 7.8% in August year-over-year to a seasonally adjusted rate of 4.82 million the National Association of Realtors said. The highest increase since May 2010 when a government first-time home buyers assistance program was in existence. According to the Commerce Department, housing “starts” were up 29% in August, compared to August 2011 as well. (This article is for informational purposes only. Do not use it as financial advice. Information for this article obtained from, but not limited to, The Wall Street Journal, S.A. Express News, Blanco County News, Boerne’s Hill Country weekly. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email: firstname.lastname@example.org).