As the economy starts the turn around, employment becomes more important measure of the strength and sustainability. As a lagging indicator, employment gains will always trail recovery, but families and the economy need more jobs. The job creation target is 400,000 new claims. Today's New Unemployment claims number of 512,000, despite continuing improvement, remains above that magic job creation level.
This means the economy is still losing jobs. On a personal note, the paper mill in my hometown has just announced plans to close. The impact on my home town will be massive. 1100 jobs. Wow. And what do you do with a closed paper mill?
Tomorrow's unemployment numbers will be very important, more so than usually. September showed an increase breaking a trend of monthly improvement.
The question is - Was September's increase a blip or a trend. Expectations are unemployment will slide higher, maybe to 10%?
Estimates are that 16-20% are underemployed - combining the unemployed seeking work with the working parttime instead of full time or no longer seeking employment.
To sustain the recovery jobs must come back. With closing factories, the jobs may need to be in new industries.
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Richard Smith |
American Acceptance Mortgage, Inc |
FHA, VA, Rural Development, Conventional, Jumbo,
Reverse Mortgages, FHA 203k Renovation
Home financing in Tennessee and Georgia.
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
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Stearns Lending, Inc |
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Cell phone: 423-280-0345 Email: Richard@HomeLoansChattanooga.com |
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. |
