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Mark Hemingway

Mortgage Market Update for June 1st

Friday, June 1, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Strong job growth continued in May as the U.S. economic expansion continues its winning ways. The Bureau of Labor Statistics reports that Non-Farm Payrolls rose 223,000 in May, above the 190,000 expected and up from 159,000 in April. For the past three months, job gains averaged 179,000. April and March were revised for an increased total of 15,000. The Unemployment Rate for May fell to 3.8%, the lowest since April 2000.

May Average Hourly Earnings increased 0.3%, in line with estimates and up from 0.1 percent in April; year-over-year was reported at 2.7%, up from 2.6% in April. Total unemployment, or the U6 number, fell to 7.6% in May from 7.8% in April. The Labor Force Participation Rate was at 62.7% for May from 62.8 percent the previous month. Overall, the Jobs Report was strong and shows a tightening labor market.

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