Unemeployment hits a 15 year high!!!

By
Mortgage and Lending with Cherry Creek Mortgage

 

US employers slashed 533,000 jobs in November, sending the unemployment rate to a 15-year high of 6.7 percent, according to official data Friday suggesting the economy is sinking faster than believed.

The Labor Department's November report on non-farm payrolls, seen as one of the best indicators of economic momentum, highlighted the severe retrenchment by companies in the face of a struggling economy and tight credit.

YearAnn Avg 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
3.8
5.9
5.3
3.3
3.0
2.9
5.5
4.4
4.1
4.3
6.8
5.5
5.5
6.7
5.5
5.7
5.2
4.5
3.8
3.8
3.6
3.5
4.9
5.9
5.6
4.9
5.6
8.5
7.7
7.1
6.1
5.8
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Edward Wadsworth 12/06/2008 02:27 AM
Location:
Wisconsin
Groups:
All About Mortgages/Mortgage Networking
True Mortgage Professionals
Mortgage Bankers

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Rainmaker
225,638
Mark Watterson
Salt Lake City, UT
Utah Real Estate

Very likely to get worse until the housing market stabilizes.  Which it will.  When is the quess.

Dec 06, 2008 12:49 AM #1
Rainer
102,815
David Patterson
Columbia, SC
ibdp3

Mark:

Can we stabilize the housing market if there are no jobs to create liquidity to purchase homes?

In my opinion, the UNEMPLOYMENT numbers offset any decrease in the INTEREST RATE number.

Get people back to work........THEN..........You might be able to significantly stabilize the housing market.

Dec 06, 2008 01:01 AM #2
Rainmaker
89,425
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Mark... I hope it does not get any worse

David... very true. with the loss of 533,000 jobs at least 533,000 families have been effected

Dec 06, 2008 01:29 AM #3
Rainmaker
672,000
Jim & Maria Hart
Brand Name Real Estate - Charleston, SC
Charleston, SC Real Estate

Good, yet sad, information.

As a side note, is there any way for you to get the numbers to run side-by-side instead of one long column?  Hard to read like that.

Dec 06, 2008 04:12 AM #4
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Rainmaker
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Rick Kellow

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