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Job Growth | Memorial Day

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Mortgage and Lending with Benchmark Home Loans 173024

Job growth slowed in April as employers got jittery after seeing weak economic growth in the first quarter of 2016. The Bureau of Labor Statistics reported on Friday that U.S. employers added 160,000 jobs in April, below the 207K expected, while February and March were revised lower by a total of 19K. The Unemployment Rate remained steady at 5%, while Hourly Earnings rose 0.3%. Year-over-year Hourly Earnings came in at 2.5% up from the last look of 2.4%.

The Labor Force Participation Rate showed that more people dropped out of the workforce as the index fell for the first time in seven months to 62.8 from 63. The 160,000 jobs created was the lowest number since September. Job growth per month slowed to an average of 200,000 per month for the last three months from a five-year high of 282K a month in the fourth quarter. Retailers cut 3,000 jobs to mark the first decline since the end of 2014.

With Memorial Day weekend fast approaching, more drivers are set to hit the roads to visit their favorite beach side resort or camping grounds. Currently, the national average price for a regular gallon of gasoline is at $2.22, up from $2.04 a month ago and at the highest levels in six months. However, prices are still at their lowest levels since 2009. Experts expect the rise in prices to level off in June.

Posted by

Steve Reed

Benchmark Home Loans

Branch Manager

NMLS #173024

Ark-La-Tex Financial Services, LLC NMLS #2143 

4138 Bristol Highway, Suite #4

Johnson City, TN 37601

Phone 423-232-0111

steve.reed@benchmark.us

www.stevereed.benchmark.us

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