Housing and employment levels are directly linked, so it is great news that our nation's employment picture has brightened.
The U.S. Labor Bureau reported that their national unemployment rate remained unchanged at 9.6% from the previous month. But the real story is the increase in the private sector. It is the private job growth that is reflective of economic growth. Non-Farm Private Payrolls grew at the best pace in over a year, adding 159,000 jobs. Plus, their last month's figures were revised upward by 110,000.
This along with very positive manufacturing data has put the final nail into the coffin of the "double-dip" recession theories. After this month's blistering Existing and New Home sales data, the positive job growth adds further stability to our nation's housing market.
Drew Mortgage Associates