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DS News Webcast: Monday 12/8/2014

U.S. payrolls for November surpassed even the most optimistic forecasts, increasing at the highest rate in more than two years, according to a government estimate. Total nonfarm payroll employment increased by a seasonally adjusted 321,000 in November, following an upwardly revised gain of 243,000 in October, the Bureau of Labor Statistics reported Friday. It was the biggest jump since January 2012. For November, economists had predicted payrolls would grow by 230,000, with estimates ranging as high as 275,000.

Putting a damper on the good news was a climb in the number of unemployed Americans, which was estimated at 9.1 million, according to the government's household survey. The unemployment rate remained unchanged from October at 5.8 percent. About 2.8 million of those unemployed persons have been jobless for at least 27 weeks, down slightly from October but still elevated at a share of 31 percent. Overall, the civilian labor force participation rate held at 62.8 percent, keeping more or less in line with the trend of the past year.

The Federal Housing Administration announced its 2015 schedule for loan limits, effective for case numbers assigned on or after January 1, 2015. The loan limits will remain in effect until the end of 2015. The FHA's calculation for maximum loan limits will remain the same for both high and low cost metropolitan areas as their 2014 levels of $625,000 and $271,000, respectively. Loan limits for FHA-insured reverse mortgages will also stay the same in 2015, with the Home Equity Conversion Mortgage allowing for a $625,000 maximum claim amount.

About Author: Jordan Funderburk

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