Friday, June 6, 2014

U.S. jobs market surges ahead

Graph courtesy of CNN.com
 
The May jobs report released Friday was full of promising news: An additional 217,000 jobs were added to the market and unemployment stayed steady at 6.3 percent. More importantly, job growth tallies show that all 8.7 million jobs lost during the recession have been replaced - although not necessarily the same type of jobs.

While this doesn't cover every economic benchmark, it's a sign of positive changes nonetheless. The stock market responded well to the jobs report and has continued to rally and reach new record highs with consistent frequency.

Despite the steady job gains, however, analysts point out that growth still has not matched population growth and thus, more improvement is needed for real market strength. Because of this fact and a few other sticking points, mortgage interest rates remain at very low levels.

If the economy continues picking up speed over the coming months, interest rates could start creeping up again. If you missed out on the opportunity to lock in a low interest rate in the past year, it is an excellent time to "strike while the iron's hot" and take advantage of today's very competitive rates. Call a Vertex loan officer to get more info at 877-939-0339.

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