Economic news has not been this good in 50 years. At Palm State Mortgage if you have been following our last 2 blogs about renting vs. owning your home, you need to know the condition of jobs, the housing market, and the economy. The latest economic news means you can be very encouraged about buying a home of your own.
The Season of Comfort and Joy: Economic News in the Headlines
Before we bring you all the good economic news and views, we salute the Season of Comfort and Joy, December. So now, It’s time for counting our blessings as well as our dollars. It’s a great time of year to shop, decorate, cook, and prepare food and fun for the family holidays. And here are some statistics that help us celebrate.
Deck the Halls with Jobs: More Economic News
- We added more jobs than anyone anticipated. You might have already heard that the total nonfarm payroll employment rose by 266,000 in November. But we think the statistic is so amazing we just wanted to repeat it. That is certainly better than the unattractive 187,000 predicted by economists who answered a poll by Dow Jones.
- The unemployment rate ticked slipped from 3.6 to 3.5%. Did you know this actually matches the lowest jobless rate since 1969?(Fa-la-la-la-la-la-La!)
By the way, if you look at the 11 completed months of 2019, you know that job growth has averaged 180,000 per month thus far in 2019.
Where Are All These New Jobs?
Did you know that we added significant new job gains in the health industry in November? Likewise, professional and technical services created many of the new hires. Additionally, have you heard the good economic news includes an increase in manufacturing? And certainly, we have accounted for the fact that the resolution of a labor strike partially caused the uptick in manufacturing jobs.
Economic News: Tis the Season to be Jolly
Finally, other areas that benefited from the increased number of jobs included:
- Leisure and hospitality.
- Ware-housing, transportation, and financial activities.
The unemployment rate dropped to 3.5%. Certainly, that unemployment statistic is largely why you have heard that our economic outlook is the best, we’ve seen in 50 years.
Your average hourly earnings rose to 3.1%. At Palm State Mortgage we are delighted to see this. That’s up just a bit from predictions. And then, you guessed it, the pundits predicted it would only be 3%. When it comes to paychecks, we will all agree that every little bit helps.
Economic News: Revisions for September and October
Along with the good news for November, the most recent jobs report revised payroll figures for September and October. The latest jobs report also included upward revisions to headline payroll facts and figures. “September’s change in total non-farm payrolls was revised up by 13,000 to 193,000, while October’s level was revised up by 28,000 to 156,000. ”Those are pretty significant numbers. Very optimistic. Fa-La-La-La-La-La-La.
More Reason to Deck the Halls
What do these updated numbers help us understand? Brian Coulton, the chief economist at Fitch Ratings, wrote in an email on Friday. “…these numbers are telling us that job growth in the U.S. has stabilized…” No wonder we are feeling so much optimism.
Troll the Ancient Yuletide Carol: Happy Holidays and Merry Mortgages
Now we know this blog features quite a few facts and statistics. Add one more big stat to all of them: Mortgage rates are almost at a 50 year low.
So, when it comes to buying a home, this seems like a pretty good time to go ho house-hunting. Just remember as we give you the basic percent. Every mortgage deal is different and unique, depending on your fiscal situation.
Currently, “the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased 4 basis points to 3.79%.” And certainly, it’s even better for 15-year fixed-rate mortgages at 3.37%. “The average contract interest rate for 5/1 ARMs increased to 3.52% from 3.28%.”
We feel so optimistic that we must print a lesser-known verse of “Deck the Halls,” in celebration and anticipation of wonderful economic news for December and 2020. “Strike the harp and join the chorus.
Follow me in merry measure.
While I tell of Yule-tide treasure.
We hope you find your holiday treasure in a home of your very own. Then, you must decide if the Halls you Deck in 2020 will belong to you or a landlord. We are here to help you find what is right for you. We can count the dollars and the sense behind your dreams. So, Happy Holidays!