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Mark Hemingway

Mortgage Market Update for November 2nd

Saturday, November 3, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The job market continued to strengthen in October and rebounded after an ease in job growth in September due in part to severe weather on the East Coast. The Bureau of Labor Statistics reported that U.S. employers added 250,000 new workers in October while year-over-year wage growth hit nine-year highs. The 250,000 was well above the 190,000 expected, while there were zero net revisions for August and September.

Year-over-year wage growth rose 3.1%, the highest level since September 2009, while month-over-month saw a gain of 0.2%, in line with estimates. The Unemployment Rate remained at a 49-year low of 3.7% while total unemployed, or the U6 number, fell to 7.4% from 8% seen in October 2017. More Americans are now looking for a job, which pushed the Labor Force Participation Rate up to 62.9% from 62.7%. Overall a solid report on all fronts.

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