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Private hiring slowed sharply during November in a sign that the historically tight labor market could be losing some steam, according to a report from payroll processing firm ADP.  Companies added just 127,000 jobs in the month, a steep reduction from the 239,000 reported in October and well below the Dow Jones estimate for 190,000. It also was the lowest total since January.

The yield on the 10-Year Treasury Bond whipsawed this morning following new jobs and gross domestic product data while as investors awaited a key speech from Federal Reserve Chair Jerome Powell later in the day that could provide clues on monetary policy going forward. The yields rose and turned positive following a revision to the gross domestic product reading from the Bureau of Economic Analysis that showed the economy was stronger than previously thought. Third-quarter GDP increased at a 2.9% annual rate, higher than the 2.6% figure previously reported.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 10.6% annual gain in September.  Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in September. Miami led the way with a 24.6% year-over-year price increase.

 

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