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Mark Hemingway

Mortgage Market Update for October 4th

Friday, October 4, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

And the survey says: 136K jobs were created in September which was just below expectations of 145,000. Inside the report it was mostly upside surprises. First, there were solid upward revisions for the previous two months, adding 45,000 jobs to what was originally reported. The unemployment rate fell to 3.5%, the lowest since 1969. The Labor Force Participation Rate was unchanged at 63.2%. The Labor Force Participation Rate is the percentage of the civilian population 16 years and older that is working or actively looking for work.The U6 rate dropped to 6.9%. The U6 measures total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. This number was 17% back in 2010 and declining to 6.9% is remarkable. The U6 is down from 7.5% in September 2018. The one bad print was hourly earnings which came in unchanged and dropped the year-over-year increase to 2.9%. Overall, it was a solid report and keeps the recession fears on the sidelines for the foreseeable future.

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