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Clean Data Says Jobless Claims Fall to 550k
Labor data in the week ending August 1 offer the first unambiguous glimpse of a slowdown in the decline of the labor market. Initial claims fell 38k from the previous week to 550,000, pushing the 4-week average to 555,250.rnrnThe number of initial claims reached as low as 524k in the week ending July 11, but that data was unreliable, polluted as it was by seasonal issues. This week’s data is clean ― the Labor Department called seasonal issues “uneventful†― and draws a fairly stark contrast from the weekly average of 616k claims in June (or 627k in May, 638k
Light Day Puts Focus on Labor Data
The only major data coming out today is the weekly jobless claims report, a survey that hasn’t been too reliable recently due to seasonal adjustment issues owing to earlier lay-offs in the auto sector. This week those issues should be non-existent, and with little other data to look at one day ahead of the official employment figures for July, there could be extra emphasis on those numbers.
Taylor, Bean & Whitaker Shuts Down Lending Operations
"TAYLOR, BEAN & WHITAKER MORTGAGE CORP. (“TBWâ€) RECEIVED NOTIFICATION ON AUGUST 4, 2009 FROM THE U.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, FREDDIE MAC AND GINNIE MAE (THE “AGENCIESâ€) THAT IT WAS BEING TERMINATED AND/OR SUSPENDED AS AN APPROVED SELLER AND/OR SERVICER FOR EACH OF THOSE RESPECTIVE FEDERAL AGENCIES. TBW HAS UNSUCCESSFULLY SOUGHT TO HAVE THE TERMINATION/SUSPENSION DECISIONS OF EACH OF THOSE AGENCIES REVERSED. AS A RESULT OF THESE ACTIONS, TBW MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATELY. REGRETTABLY, TBW WILL NOT BE ABLE TO CLOSE OR FUND ANY MORTGAGE LOANS CURRENTLY PENDING IN ITS PIPELINE. TBW IS COOPERATING WITH
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