According to the Labor Department, businesses around the nation have added 146,000 new jobs! As a result, the unemployment rate has dropped from 7.9% to 7.7%. This rate is the lowest that it has been since December 2008 when President Obama took office.
There was concern initially that businesses would slow down their hiring out of fear of the federal budget's "fiscal cliff" and what it might do to next year's economy, but this appears to not be an issue. Also, Hurricane Sandy did not have as big of an effect on the job market as originally anticipated. The holiday season seems to be keeping moods high as Christmas sales are booming. As a result, most of November's job gains were in clothing, electronics and general merchandise stores. However, there were declines in employment for manufacturing, construction, and government workers. The average hourly wages only rose 1.7% over the past year and the average worker continues to work 34.4 hours a week.
Economy analysts were expecting weaker growth because of the storm but are currently increasing their forecasts due to the better-than-expected jobs performance. The economy is slowly but surely recovering. And of course, the stronger the job market, the stronger the housing market.
If you are currently doing well and in need of a new home, let Quest Loans know! Don't wait until the new year, take advantage of the Christmas Mortgage Rates we have available for a limited time! Call for more information 888-883-5252!
Monday, December 10, 2012
Unemployment Rate Dropped; Economy Recovering
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