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Mark Hemingway

Mortgage Market Update for January 4th

Sunday, January 6, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The Labor Department reported on Friday that 312,000 new workers were added in December, well above the 180,000 expected, and brings the three-month average to a frothy 254,000K! The 312,000 was the largest increase since February 2018's 324,000 while October and November were revised higher by a total of 58,000. Payroll growth totaled 2.6 million in 2018, the highest since 2015 and above the 2.2 million in 2017.

On the wage front, average hourly earnings rose 0.4%, above the 0.3% expected, while year-over-year growth rose 3.2%, tied with October for the best annual increase since April 2009. The Labor Force Participation Rate ticked up to 63.1% as more Americans entered the workforce, up from 62.7% from a year ago. The U6 number, or total unemployed, remained at 7.6%, down from 8.1% a year ago. The Unemployment Rate edged higher to 3.9% from 3.7%. Overall, a very strong Jobs Report.

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