California Mortgage News

Mortgage News That Matters

February 12th, 2014 10:54 PM by Todd Perdew


Strengthening employment is key to broader economic growth, including a continued rebound in the housing market. Although nonfarm employment finished 2013 on a weak note, annual employment gains were slow, with the economy adding 2.19 million nonfarm jobs last year, just about matching 2012’s result, and slightly up from 2011. Despite those gains, the economy has almost 1.2 million fewer jobs than when the recession began at the end of 2007.
The U.S. added 113,000 jobs in January and the unemployment rate fell to another post-recession low, but the pace of hiring appears to have slowed over the past few months, according to new government figures.
The second straight disappointing employment report suggests that unusually cold and snowy weather in the past two months is not the chief cause of a slowdown in job creation. In December, the economy added just 75,000 jobs, a meager gain.
The nation’s unemployment rate, meanwhile, dropped to 6.6% from 6.7% in December.
The labor force participation rate edged up to 63.0% after retouching a 35-year low of 62.8% in December. The participation rate reflects the percentage of people who hold a job or are looking for one. A surprisingly sharp decline in participation over the past few years is largely responsible for the falling unemployment rate.
The private sector once again generated all the employment growth, adding 142,000 jobs in January. That’s up sharply from 89,000 in December but well below the norm over the past year. . Economists polled had forecast an increase of 190,000 jobs.
With all this below average reports the 10 year Bond is down only 2 bases points to 2.67%

Posted in:General
Posted by Todd Perdew on February 12th, 2014 10:54 PM

Todd, thank you very much for all your work at securing a new loan. It would not have happened if not for you. Because of your persistence with the lender and your patience with me, you made it happen. I could have worked with this lender by myself since they are a direct lender, but I'm sure the process would have gotten stuck at many points along the way. Your level-headed knowledge and experience made all the difference. thank you very much again. I would recommend you to anybody in a difficult unconventional situation.
Posted by Joe Fox on February 14th, 2014 10:11 AM