Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year.
An Honest Look at the Latest Unemployment Numbers
Dated: December 8 2020
Views: 76
Last Friday, the Bureau of Labor Statistics released the November Jobs Report. It revealed that, though headed in the right direction, the nation’s job recovery has slowed. The consensus reaction is best exemplified by a quote from Glassdoor Senior Economist, Daniel Zhao:
“We saw positive job gains, but I think the sentiment is largely negative because we know that we’re heading into a dark winter.”
There’s no doubt that millions of households have been - and continue to be -devastated by the economic downturn caused by the pandemic.
We should, however, put the current situation into perspective. Where we currently stand is much better than where most experts thought we would be at this time. Jed Kolko, Chief Economist of Indeed, explained in his State of the Labor Market that, though the situation is not good, we’re doing better than original expectations:
“Though the labor market rebound is incomplete, it has nevertheless surpassed expectations. In May, after payrolls plunged and unemployment spiked, the Wall Street Journal panel of economic forecasters projected unemployment would be over 11% in December 2020 and not fall below 7% until the first half of 2022 — a milestone already passed in October.”
With the announcement that vaccines should be available soon, we’re not far from the most damaged segments of the economy gaining momentum again.
Jeff Sparshott of the Wall Street Journal recently wrote:
“Even with signs of a recent slowdown, the labor-market recovery since this spring has been stronger than most economists expected. Many now project widespread vaccine distribution will eventually help lift the economy further as businesses are allowed to reopen and consumers feel more comfortable traveling, going to the movies.”
Bottom Line
Though millions of Americans are still out of work, the situation was forecasted to be even direr than it is today. Once a vaccine becomes available, the economy should complete its comeback, and so should the labor market.
#hybridrealestate #hybridpcs #thehybridexperience
Latest Blog Posts
In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their
Copyright © 2021, Metropolitan Regional Information Systems, Inc. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of MRIS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. eXp Realty in District of Columbia does not
© BRIGHT, All Rights Reserved
