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HELP-WANTED ADVERTISING INDEX DIPS ONE POINT
The Conference Board announced that the help-wanted advertising
index decreased one point to 36 in September from 37 one year
ago. Because ad volume is historically sensitive to the labor
market, the help-wanted advertising index gauges the current
job supply. In the last three months, help-wanted advertising
declined in eight of the nine U.S. regions, with the steepest
declines reported in the South Atlantic (-13.0 percent), New
England (-10.8 percent), and West North Central (-9.9 percent)
regions. "The labor market remains flat and has clearly started
to weigh negatively on consumer confidence," said Conference
Board Economist Ken Goldstein. "Want ad volume was basically
flat all spring and summer. Initial unemployment claims nationally
have been essentially unchanged from March through mid-October.
With the Leading Economic Index declining for four straight
months, the labor market could even be losing momentum going
into the final months of 2004."
U.S. CONSUMER CONFIDENCE INDEX DECLINES IN OCTOBER
The Conference Board reported that the consumer confidence
index fell for the second straight month in October to 92.8
(1985 = 100) from 96.7 in September. The expectations and
present situation indices also fell to 92.0 and 94.2, respectively.
"Subdued expectations, as opposed to eroding present-day conditions,
were the major cause behind October's decline in consumer
confidence," said Lynn Franco, director of The Conference
Board's Consumer Research Center. "And, while consumers' assessment
of the labor market this month showed a moderate improvement,
the gain was not sufficient to ease concerns about job growth
in the months ahead." Consumers' outlook for the next six
months is cautious, with those anticipating business conditions
to improve decreasing to 20.6 percent in October from 21.6
percent the previous months. Additionally, consumers expecting
fewer jobs to become available in the coming months rose to
18.4 percent in October from 16.2 percent in September, while
those anticipating more jobs to become available slipped to
16.5 percent in October compared to 17.8 percent in previous
months.
LOAN APPLICATIONS INCREASE 8.2 PERCENT The
Market Composite Index of mortgage loan applications, a measure
of mortgage loan applications, stood at 761.7 for the week
ending Oct. 29, an increase of 8.2 percent on a seasonally
adjusted basis from 703.9 one week earlier, according to a
report released today by the Mortgage Bankers Association
(MBA). On an unadjusted basis, the Index increased 7.5 percent
for the week ending Oct. 29 compared with the previous week
and up 11.0 percent compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 45.7
percent of total applications for the week ending Oct. 29
from 47.7 percent the previous week. The adjustable-rate mortgage
(ARM) share of activity decreased to 34.4 percent of total
applications for the week ending Oct. 29 from 34.9 percent
the previous week.
Information provided by - C.A.R. Newsline is published by
the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association
representing more than 155,000 REALTORS® statewide.
