March. That brings the unemployment rate down from 8.9% to 8.8%. The bad news is that 13.5 million people are still out of work and 45% of this group has been unemployed for 27 months or more.
The housing market is noticeably absent from the gradual improvements that the Federal Reserve sees as occurring in the economy according to the Fed’s regular FOMC report issued March 15.
The Congressional Oversight Committee (COP) issued its final report on the Troubled Asset Relief Program (TARP). The report concentrates particularly on the efforts as loan mediation through HAMP and other foreclosure programs.
No one has the corner on a crystal ball for interest rates, but Freddie Mac is predicting that mortgage interest rates will remain in the 5-5.5% range throughout the year for 30 year fixed mortgages.
The Department of Labor reported that the January unemployment rate nationwide fell to 9% from 9.4% after adding only 36,000 jobs. Larger numbers were anticipated, but poor weather throughout the month held back employer hiring. The gain in December had been 121,000 jobs.
The December unemployment rate fell from 9.8% to 9.4% in December. The December 2009 rate was 9.9% showing improvement may finally be taking hold. However, this number also reflects a large number of people who dropped out of the job market.
A Good Morning America report highlighted 5 American cities poised for dramatic job growth in 2011. They are Portland, Houston, Minneapolis, Washington, DC and Orlando.
Unemployment claims were down the week ending November 13 according to the Labor Department from 441,000 to 407,000. Economists indicate that in order for the jobless rate to drop below the stubborn 9.6% mark, unemployment claims will have to drop below 400,000. This is the lowest the first time unemployment claim figure has gone since July 2008. It is also the first time in two years that the people accepting unemployment benefits has fallen below the 4.2 million mark.
The U.S. economy grew 151,000 jobs in October according to the Department of Labor. Almost all of the job growth was in the private sector where 159,000 jobs were gained. Economists had only predicted a growth of 91,000 jobs in the private sector, so the better than predicted gains were a welcome boost to the ailing economy. The overall gain of 151,000 jobs was an improvement over the 68,000 that were originally predicted by economists for October after the miserable loss of 41,000 jobs in September.
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