U.S. Economy

     (CN) – U.S. companies added 172,000 jobs in June, payroll processor ADP said Thursday, one day before the government is to release its latest employment numbers. Meanwhile, Freddie Mac reported long-term U.S. mortgage rates fell this week to the lowest level since May 2013.
     According to the ADP survey, service firms i.e. retailers and transportation companies added jobs at a strong clip in June.
     Meanwhile manufacturers cut 21,000 jobs and construction companies cut 5,000.
     The figures suggest that the government’s jobs report on Friday, could show that hiring picked up significantly from May’s horrid 38,000 gain.
     Average monthly job gains slowed to just 116,000 in March through May, about half last year’s pace.
     As for mortgages, Freddie Mac said Thursday that the average 30-year fixed rate mortgage fell to 3.41 percent from 3.48 percent a week ago, driven down by the Brexit and the subsequently financial gyrations across Europe.
     .This time last year the 30-year rate stood at 4.04 percent.
     The 15-year mortgage rate dropped to 2.74 percent, down from 2.78 percent last week and 3.20 percent a year ago.
     The 30-year fixed rate is now close to its all-time low of 3.31 percent in November 2012.

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