Tag Archives: Unemployment

Despite growth in mortgage revenues at banks nationwide, industry employment continued to move down in the second quarter as banks cut staff, according to a report from Mortgage Daily. All of the reported cuts in the second quarter happened at banks, which lost approximately 28,600 jobs from the first quarter to the second.

Employment growth in the United States took a sharp downturn in August, according to government figures released Friday. The Bureau of Labor Statistics reported an increase 142,000 in U.S. payrolls last month, well short of the 230,000 predicted by economists. August's sudden slowdown snaps a six-month streak in which payroll growth came in at 200,000 or higher.

A report released Thursday by the White House Council of Economic Advisors points to a number of factors that lead to the conclusion that the labor force participation rate is unlikely to return to the past levels it enjoyed before the economic downturn any time soon – and maybe never again.

The unemployment rate was unchanged in May, staying put at 6.3 percent with 9.8 million Americans unemployed. Unemployment is the lowest it has been since September 2008. However, RealtyTrac's Octavio Nuiry makes the case that there is more to unemployment than percentages, and that a hidden actor is depressing housing market growth—and could cause more problems in the future.

After surpassing expectations in April, the labor market performed slightly better than anticipated in May, according to numbers released Friday by the Department of Labor. According to the government, the economy added 217,000 new jobs last month, beating out a consensus forecast of 213,000 among economists surveyed by Econoday. The gain—a retreat from April's downwardly revised estimate of 282,000 jobs added—left the national unemployment rate unchanged at 6.3 percent.

"Consumer confidence improved slightly in May, as consumers assessed current conditions, in particular the labor market, more favorably," said Lynn Franco, director of economic indicators at the Conference Board. "Expectations regarding the short-term outlook for the economy, jobs, and personal finances were also more upbeat."

A new report by the Wells Fargo Economics Group found that Texas added 64,100 new jobs in April, the largest gain in the nation. The boost in job numbers helped push unemployment down to 5.2 percent from 5.5 percent in March. Nationwide, unemployment was 6.3 percent for the month of April.

The number of foreclosure deeds in New Hampshire fell in March, suggesting that New Hampshire's long term foreclosure outlook will continue to improve, according to the New Hampshire Housing Finance Authority (NHHFA). The foreclosure activity in the first quarter of 2014 was below that of every year since 2007, and is 21 percent below last year's first quarter.

The Wells Fargo Economics Group released a recent report outlining consumer confidence in the Sunshine State. The data from April suggests consumer sentiment slipped in Florida one point to 79 for the month, largely due to increased concerns about current economic conditions.

According to the latest report from the Labor Department, the rate of unemployment last month fell to 6.3 percent, down nearly half a percentage point after a flat March. At an estimated 9.8 million, the number of unemployed people was down by 733,000. Employers across the country added 288,000 jobs to their payrolls in April, bringing the unemployment rate down to a new post-crash low.