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Tag Archives: Labor Department

Housing Plays Small Part as Economy Adds 243K Jobs

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A still-brittle economic recovery picked up steam in January as the private sector added 243,000 jobs, driving unemployment figures to lows not seen in three years. The Labor Department said that the national unemployment rate fell to 8.3 percent, also signaling a fifth straight month for declines in the number of jobless Americans. Construction added 21,000 jobs from December, with gains for nonresidential construction and specialty trade contractors. Financial services lost some 5,000 jobs from last month by comparison.

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Economy Picks Up Steam With 200K Jobs in December

The U.S. economy soldiered ahead by adding 200,000 jobs over December, lowering the unemployment rate to 8.5 percent as more employers picked up seasonal staff members for the holidays. The Labor Department reported Friday that total private-sector employment reached 212,000 last month, alongside fewer jobs for local and state governments, marginal declines in real estate services, and a notable pickup in residential construction around the country. Real estate, rental and leasing services lost jobs by 1.3 percent on average in December.

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Record-Low Mortgage Rates Ring In New Year

Uncertainty in the markets helped ring in the New Year with record lows for mortgage rates, as concerns over debt crises and job growth lingered for wary investors. Finance Web site Bankrate.com and mortgage company Freddie Mac released their findings for mortgage rates Thursday in two separate weekly surveys. Bankrate.com reported interest rates for the 30-year loan hitting a record 4.18 percent this week, down from 4.21 percent last week. Freddie likewise found rates for the 30-year fixed-rate mortgage sliding from 3.95 percent last week to 3.91 percent this week.

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Fannie Economist: Europe ‘Clearly’ in Recession

The chief economist with Fannie Mae said Tuesday that Europe is "clearly" in recession and forecasted that the United States will endure market corrections for the next five years as housing largely stays in the doldrums. Fannie Mae economist Doug Duncan spoke at the 2011 MPact Mortgage Banking Conference and Expo, which former Secretary of State Condoleezza Rice headlined Monday evening. Rice discussed problems with the euro zone during her keynote address. Duncan predicted that annual growth will hedge toward 1.5 percent over the next year.

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Q3 Home Prices Fall While Some State Sales Rise

Existing-home prices sagged in most metropolitan areas over the third quarter, pointing to a soft spot in job security for people across the country as home affordability hovers around record highs. A quarterly report by the National Association of Realtors revealed that more than two-thirds of all metropolitan areas suffered plunges in home prices from last year. The NAR found state existing-home sales falling by 0.1 percent to crest at a seasonally adjusted 4.9 million over the third quarter. First-time buyers bought up 32 percent of homes.

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October Payrolls Add 80K, Chipping at Unemployment

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Nonfarm payrolls counted more than 80,000 new jobs for the economy over October, slashing the unemployment rate by a few percentage points but at a clip that analysts say will marginally improve an otherwise uncertain economic outlook. The Labor Department reported Friday that the jump to more than 100,000 new jobs over September - a facelift driven largely by a return to work by striking Verizon employees - slid back to new figures with few surprising numbers for several industries.

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Bernanke: No New Action, but Fed May Still ‘Deploy Tools’

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The Federal Reserve restrained itself from announcing any new monetary or fiscal stimulus measures, deciding instead that it will continue to reinvest principal payments for agency debt in mortgage-backed securities while it keeps a heel on historically low interest rates. Continuing a public relations tour at a time of increasing unpopularity on both the right and left, Federal Reserve Chairman Ben Bernanke addressed reporters from behind a desk.

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Fannie: 50% Chance U.S. Economy Will Double-Dip by End of 2012

Mortgage giant Fannie Mae gives the U.S. economy equal chances for a second recession and recovery by the end of next year. Podcasting the 2011 October Economic Outlook, titled Economy at a Crossroads, the company forecasted that GDP will stay below 2 percent for the remainder of 2011 into next year. Among other reasons, the GSE's internal think tank cited trouble in the financial and labor markets, given the euro debt crisis, weak jobs reports, and low consumer confidence. The outlook follows several other similar reports.

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Mortgage Rates Climb Higher Following Steep Fall Last Week

After hitting rock bottom last week, mortgage rates returned to previous lows on a somewhat tenuous climb this week as European central bankers seemed to reach a deal and a U.S. jobs report netted better-than-expected results. Leaping forward from a history-making 3.94 percent last week, interest rates for the 30-year fixed-rate mortgage rose to 4.12 percent, according to Freddie. Bankrate.com offered up similar results, showcasing a 4.37-percent 30-year loan rate this week, up from 4.21 percent.

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