Economy Feeling Festive? (November 25th – 29th) 🎄
Happy post-Thanksgiving week, everyone! Hopefully, you’re all recovered from your turkey comas and ready to tackle the latest economic updates. Let’s see if the economy is feeling as jolly as Santa this time of year.
But first, December 4th is National Cookie day!!!!
Crumbs of History:
- Ancient Origins: Cookies have been around for centuries! Early versions were more like hard wafers and were baked in Persia as far back as the 7th century. They were a convenient and portable food, perfect for travelers and soldiers.
- Dutch Treat: The word “cookie” comes from the Dutch word “koekje,” meaning “little cake.” The Dutch played a big role in spreading cookies around the world through their trading voyages.
- American Innovation: While cookies have a long history, some of our favorite varieties were invented right here in the USA! Chocolate chip cookies, anyone? (Thanks, Ruth Wakefield!)
Cookie Cravings:
- Cookie Monster Approved: Did you know that Cookie Monster’s favorite cookie is actually a rice cake with brown dots painted on it? (Don’t worry, your secret’s safe with me!)
- A Cookie a Day… The average American eats about 300 cookies per year. That’s almost a cookie a day!
Bonus Fun Fact: Did you know that December is also National Fruitcake Month? Love it or hate it, fruitcake has a long and interesting history, much like cookies!
Ok, enough Food related info, back the Economic break down!!!
The Week That Was (November 25th – 29th):
- Consumers Feeling Cautious: The consumer confidence reading came out this week, and it seems like folks are feeling a bit less confident about the economy. Maybe all that holiday shopping is starting to put a dent in their wallets? Or perhaps they’re just a bit uncertain about what the future holds. Either way, this could lead to a bit of a slowdown in spending.
- Durable Goods Deliveries: On a brighter note, orders for durable goods (those big-ticket items like cars and appliances) were stronger than expected. It seems like people are still willing to splurge on those holiday gifts, which is good news for the economy!
What does this mean for YOU?
This week’s reports paint a somewhat mixed picture of the economy. The dip in consumer confidence might cause a bit of a pause, but the strong durable goods orders suggest that things aren’t falling apart. As for mortgage rates, they’re likely to stay relatively stable for now. Think of it like a reindeer sleigh ride – a few bumps along the way, but generally a smooth journey.
Looking Ahead (December 2nd – 6th):
The holiday season is officially in full swing, but the economy doesn’t take a break! Here’s what’s coming up next week:
- Jobs, Jobs, Jobs: The big event next week is the December jobs report. This will give us a crucial update on the health of the labor market. Are businesses still hiring? Is the unemployment rate holding steady? This report could have a big impact on the Fed’s decisions about interest rates, which, in turn, could affect mortgage rates.
- ISM Manufacturing PMI: We’ll also get a look at the manufacturing sector with the ISM Manufacturing PMI. This will tell us if factories are ramping up production for the holidays or if they’re starting to slow down.
The Bottom Line:
The economy is sending mixed signals as we head into the final stretch of the year. But don’t worry, I’ll be here to keep you informed and help you navigate the mortgage landscape. And as always, if you have any questions or are ready to start your homeownership journey, don’t hesitate to reach out!
-tom