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Unemployment Rate Drops To Lowest In 2 Years
Americans are getting back to work. Sort of.
This morning, at 8:30 AM ET, the Bureau of Labor Statistics released its Non-Farm Payrolls report for January 2011. More commonly called "the jobs report", the government's data showed a large decrease in the number of working Americans as compared to December, but a sizable drop in the Unemployment Rate.
The job growth figures were much lower than consensus estimates:
Expected job growth in January : +148,000 jobs Actual job growth in January : +36,000 jobs January's Unemployment Rate surprised analysts, too, but not in a bad way, falling from 9.4 percent in December to 9.0 percent last month. This is the nation's lowest Unemployment Rate in nearly 2 years.
Today's jobs report is rough news for home buyers and rate shoppers in Oak Lawn. Shortly after the report's release, Wall Street is attributing the low jobs number to "bad weather" and is choosing to focus on the strong Unemployment Rate instead.
U.S. stock futures are now rising ahead of open, an increase that will come at the expense of the bond markets. Indeed, mortgage-backed bonds are losing this morning already.
Conforming mortgage rates are expected to start the day at least +0.125% ... more

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