Unemployment Rate Rises, But It's Not That Bad

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People Home Equity comments on Friday's unemployment announcement from the U.S. Bureau of Labor Statistics.

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Hispanics showed the greatest unemployment rate decline from 8.4% to 8.1%.

Peoples Home Equity was content to see the February jobs report tick up only 0.1%, especially since nonfarm payrolls increased an impressive amount. The steady jobs number bodes well for the future of home sales.

The national unemployment rate, released by U.S. Bureau of Labor Statistics on March 7th, rose from 6.6% in January to 6.7% (10.5million) in February. The rate for adult women remained the lowest at 5.9%, adult men at 6.4%, and for teenagers it was 21.4%. As for ethnicities, whites experienced a rise from 5.7% unemployed to 5.8%, blacks experiences a decrease from 12.1% to 12.0%, Asians experiences the largest percentage increase from 4.8% to 6.0%, and Hispanics showed the greatest unemployment rate decline from 8.4% to 8.1%.

People Home Equity was hoping to see the unemployment rate remain at 6.6% but February’s rise was not regarded with disdain as non-farm payrolls increased a whopping 35% in over January. This is the 2nd consecutive month where non-farm payrolls have increase. Non-farm payroll growth has now averaged 189,000 for the past 12 months.

To highlight some of the industries where jobs were added; the professional and business services industry added 79,000 in February, while accounting and bookkeeping services added 16,000. Temporary help services experienced a jump of 24,000 while services to building and dwelling increased 11,000. Unfortunately, the retail industry experienced a -4,000 decline in jobs as well as the electronics and appliance stores industry with -12,000. However, Friday’s non-farm payroll report was definitely promising for future unemployment reports.

Peoples Home Equity is confident that weekly mortgage applications will rise and translate into more home sales as the unemployment rate remains steady and non-farm payrolls continue to show positive readings. Wednesday’s surprising 9.4% jump in weekly mortgage applications is indicative of a possible beginning to a rebound in home sales this early spring. Stay tuned for updates from Peoples Home Equity.

Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.

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Giorgio U Ferrero
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