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Job gains fell below expectations for the month of August, but wage growth finally began to show some upward pressure—but analysts are still divided on whether it will be enough to convince the Federal Reserve to raise interest rates in their September meeting. Unemployment fell to 5.1 percent while 173,000 jobs were added in August, and average hourly earnings increased by $.08 up to $25.9.
First American Chief Economist Mark Fleming said there are arguments both for and against the Fed raising rates in September, while Fannie Mae Chief Economist Doug Duncan said the Fed should not find a reason to delay raising rates in the jobs report and that Fannie Mae is still expecting a September lift-off. Trulia Chief Economist Selma Hepp said that based on the latest BLS job numbers, that the Fed is unlikely to raise rates in its September meeting.
Freddie Mac has announced that as part of the periodic review, state foreclosure timelines have been extended in 34 of 55 jurisdictions for all foreclosure sales completed on or after August 1, 2015. The temporary suspension of state foreclosure timeline compensatory fee assessments in the District of Columbia, New, and New Jersey has been extended from June 30, 2015, to December 31, 2015.
