Monday, November 11, 2013 - Article by: Prospect Financial Group, Inc. -
On Friday, November 8th the U.S. Bureau of Labor Statistics released their October unemployment report. According to the report, the economy added a total of 204,000 jobs during the month of October. This number was a surprise to many, as the prediction had been for 120,000 new jobs. Even with nearly twice as many jobs as expected, the unemployment rate did climb slightly to 7.3 percent.
The report had been delayed by one week in order to properly account for the employees that were temporarily laid off during the government shutdown. The report indicated the the number of government employees declined by 12,000 from September to October for a total decrease of 94,000 government jobs thus far this year. Industries that experienced job growth included hospitality, retail, technical service, manufacturing and health care industries.
The report came in much better that expected, which could mean that the Federal Reserve will begin tapering the current bond buying program much sooner. Prior to the release of the October jobs report, the Fed had announced that they would likely not end tapering until March 2014 at the soonest. Some industry experts predict that tapering will occur sooner while others predict that the Fed will not rush into any tapering.
All we know is that mortgage rates are sure to rise as soon as tapering begins. Making a home purchase or refinancing your current loan while rates remain low is key to make sure you do not miss out on any savings. Call Prospect Financial Group, Inc. today at 858-605-0952 to learn more about purchasing or refinancing a home loan.
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