Economic facts and statistics do not lie. It has been 50 years since our economy could boast a 3.6 % unemployment rate. Economic facts also indicate that the U.S. economy added 263,000 jobs in the month of April. We had a feeling this was going to happen when we reported some encouraging statistics to you in our previous blog.
In fact, our optimism has begun to glow as the Florida sun has gotten warmer with spring. Now we know statistics are even better than we thought they might be. There’re even better than in March when the jobs market added 196,000 jobs.
Optimism is Bolstered by New Reports and Our Spring Economic Facts
Optimism has always been our attitude, here in Palm State Mortgage, even in the toughest times. And now we are in a great time of growth and recovery. That’s not just our opinion. It’s the opinion of the U.S. Bureau of Labor Statistics and in accordance with the Employment Situation Summary.
Economic Facts: Touching Lives in Every Sector of Society
And the good news is all across the board with the break-down looking like this:
- Overall, the number of unemployed persons declined by 387,000 to 5.8 million in April.
- Likewise, the jobless rates for men sank to 3.4%.
- Caucasian Unemployment dropped to 3.1%.
- Hispanic unemployment decreased to 4.2%.
- Women’s unemployment also dropped, decreasing to 3.1%.
- Statistics did not change for teenagers who held at 13%. But with school soon out for summer, we think it will be in flux.
- Also holding its own at 6.7 %, black unemployment stayed the same as last month.
Big Changes, Moving Quietly Through the Economy
We noticed that the government had to change the total non-farm payroll employment in February. They revised it from the estimated 33,000 new jobs to 56,000 jobs.
In contrast, March numbers went the other way. They revised the number of jobs downwardly from 196,000 to 189,000.
“With these revisions, employment gains in February and March combined were 16,000 more than previously reported.”
More Money in Your Pocket in This Bustling Economy
Let’s look at the average hourly earnings for all employees on private non-farm payrolls. It went up with a rise of six cents to $27.77. A little bit goes a long way, obviously. We say this because, “over the year, average hourly earnings have risen by 3.2%.”
Who Got All These New Jobs?
Research tells us that most of the job gains in this busy April are in professional and business services. Likewise, we have found more jobs this month in health care, construction and social assistance.
At Palm State Mortgage we love to watch the trending statistics and facts of our enriched economy. Here are some of the areas that showed notable changes in April:
- We saw employment in professional and business services climb by 76,000.
- Then we discovered employment in health care increase by 27,000 jobs.
- Subsequently, Employment in construction marched forward with 33,000 jobs.
- Then we saw employment in social assistance gain 26,000 more jobs as our economy improved.
What It All Means for the Housing Market
Mortgage Bankers Association Senior Vice President and Chief Economist Mike Fratantoni explained the new economic facts.
- “With hiring so strong, the unemployment rate has fallen to its lowest level since 1969, and wages continue to grow at a strong pace.”
- Keeping these two elements in mind, he added up the equation: “A healthy job market is the most important support for the housing market.”
- “With mortgage rates still low, more households may consider buying a home, which is great news for the housing market and overall economy.”
Is Home Ownership in Your Future?
To further understand the economic facts of the big data, we turned to HousingWire. There, Freddie Mac Chief Economist Sam Khater explained more details.
And he added, “Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market,” Khater said.
Economic Facts and Growth: Not one Thing, but Many Little Things
Kater also added, “These lower rates combined with solid economic growth, low inflation, and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.”
Economic Facts and the Bonus of Time
When you buy a home, you want time to enjoy it. You want to add the little custom details that really make it yours. You want to play in that home as the heart of the family. Having the home is not enough, you must have time to enjoy the ambiance you create. And you must have time to give it the much-needed upkeep a home requires.
Thus it is a notable fact that the “average workweek for all employees on private non-farm payrolls inched backward 0.1 hour to 34.4 hours in April. That’s a little extra time to enjoy your home.
Economic Facts: A Final Note of Positivity
NAHB Chief Economist Robert Dietz said. “In a healthy sign for the housing market, more builders are saying that lower price points are selling well,” And he added, “this was reflected in the government’s new home sales report released last week.” Increased inventory of affordably priced homes – in markets where government policies support such construction – will enable more entry-level buyers to enter the market.”
Reviving Our Optimism on a Firm Foundation of Facts
So, the economic facts mean that we at Palm State Mortgage Company can feel good about encouraging all you hungry house hunters and mortgage seekers this spring. We can feel the vibe of a growing economy. And have you noticed the strong economic heartbeat in Orlando, where much new construction is evident? But that is another blog for another day. For today, let us bask a moment in the sudden, unfamiliar feeling of a healthy economy.
Mother’s Day is On the Way
Remember to Shop for Mom this Week: May 12 is Mother’s Day.
From Our Family to Yours:
Palm State Mortgage Company Wishes all the Moms out there a special greeting, “May all the love that you give to others come back to you on this special day.”
And we also honor all the mothers among our friends, clients, and readers with this witty quotation from Susan Gale:
“Mothers are like glue. Even when you can’t see them, they’re still holding the family together.”