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Day two of the government shutdown is underway with no compromise in sight between the Republican controlled House and the Democratic controlled Senate. There have been 800,000 federal workers furloughed while lost economic output could total $1.6 billion a week.
In today’s economic news, ADP reported that private employers added 166,000 workers in September, but that was below the 170,000 to 180,000 that was expected. In addition, August numbers were revised lower to 159,000 from 176,000. The breakdown: small businesses added 74,000 workers, large companies 64,000 and mid-size added 28,000. Improvements in the sector have been slowing as employers scope out the political and economic landscape.
Research firm Clear Capital reported this morning that national home prices in September rose by nearly 11% from September of 2012. Double digit price gains have been reported in the past 6 months, but those big gains are unlikely to continue due to the regulatory and economic landscape.