08/11/2026
WEEK OF AUGUST 10th, 2026 Market trends: Mortgage rates trended lower last week. Economic data showed a generally softer trend across June and July reports. Construction Spending declined in June after holding flat in May, while the JOLTS report showed job openings easing further in June. Mortgage Applications for the week ending July 31 moved lower, with both Purchase and Refinance activity declining. Labor market data also weakened, as the July ADP Employment Report showed slower private payroll growth, and jobless claims data reflected a mixed trend with rising continuing claims and slightly lower initial claims in late July and early August. The July Employment Situation report indicated broader softening, with nonfarm payrolls declining after a modest gain in June, slower wage growth, and slight dips in participation, despite a small decrease in the unemployment rate.
🚧Construction spending slipped 0.1% month-over-month in June, missing expectations for a 0.2% increase and easing from an unchanged reading in May.
👩🏻💼Job openings on the Job Openings and Labor Turnover Survey (JOLTS) came in at 7.359 million in June, below the expected 7.440 million and down from 7.537 million in May.
Mortgage application submissions decreased 2.9% during the week ending 7/31. The seasonally adjusted Purchase Index decreased 3.6% from the previous week, while the Refinance Index decreased 1.9%.
$ The ADP Employment Report showed private payrolls increased by 44,000 in July, below the expected 68,000 and down from the prior reading of 95,000.
- Continuing jobless claims increased to 1,801,000 for the week ending 7/25, above the expected 1,790,000 and up from 1,777,000 the previous week. Initial jobless claims, which lag one week behind continuing claims, decreased to 199,000 for the week ending 8/1, below the expected 203,000 and up slightly from the prior week's 198,000.
-The employment situation weakened in July. Nonfarm payrolls declined by 23,000, missing expectations for an 85,000 increase and down from a 20,000 gain in June. Private payrolls were unchanged at 30,000, well below the expected 78,000, while government payrolls fell by 53,000 after a 10,000 decline in the prior month. Manufacturing payrolls increased by 5,000, topping expectations for 4,000, though below June's 11,000 increase. --
-The unemployment rate edged down to 4.1% from 4.2%, while the participation rate slipped to 61.4% from 61.5%. The average workweek was unchanged at 34.3 hours. Average hourly earnings rose 0.1% month-over-month and 3.2% year-over-year, both below expectations.
