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Mark Hemingway

Mortgage Market Update for January 10th

Friday, January 10, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

And the survey says ... 145,000 jobs were created in December, lower than the 160K expected and down from 256,000 in November. Adding to the slight miss were downward revisions to October and November removing an additional 14,000. The unemployment rate held steady at 3.5% and at 50-year lows. The closely watched U6 number, or total unemployed, fell to 6.7%, it's lowest ever since records began in 1994. The Labor Force Participation Rate was unchanged at 63.2%.

For 2019, payrolls rose by an average of 176K per month or 2.1 million for the year, the slowest since 2011 and down from 2.7 million in 2018. Right now there still remains a 1,000,000 plus gap between job openings and available people to fill them. The 176,000 per month average remains a good number 10 plus years into an economic recovery and more than enough to soak up population growth and those re-entering the labor force. The available pool of qualified workers is and will remain a challenge for business owners in the year ahead.

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