Mortgage Market News

Labor market news kicked off 2016 on the bright side as employers added more private jobs than expected in December. Payroll processor ADP reported that private payrolls increased by 257,000 in December, above the 190,000 expected. The warm weather in December was projected to bump gains in the job markets. ADP said large businesses added 97,000 jobs, midsize ones, 65,000, and small businesses, 95,000. The report comes ahead of the government's December Jobs Report, which is due out on Friday morning.
Reports that North Korea has successfully tested a hydrogen bomb along with economic woes out of China, are fueling a Stock sell-off on Wall Street today. Also weighing on Stock prices is that oil has fallen to an 11-year low due to continued buildups in supplies. The closely watched Dow Jones Industrial Average has fallen more than 200 points in today's session and has declined by nearly 800 points or 4.5% since December 29 of last year.
Popular smartphone maker Apple is reportedly slowing iPhone production by 30%, which signals a slowdown in sales later this year. Apple has reduced orders to suppliers leading to layoffs and idle capacity at Appleā€™s Chinese suppliers. Shares of Apple were down nearly 5% in 2015 and are down 2.2% this year. At the current price of $101, the Stock is well off last year's high of $133.
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