This morning the November Non Farm Payroll Report was released and the number jobs lost for the month came in well below the expected number. Payrolls fell by 11,000 workers and the jobless rate declined to 10%
Stock futures are soaring, the dollar is strengthening and Treasuries are declining with this unexpected good news this morning. The average work week grew to 33.2 hours in November from 33 hours the prior month, this is the biggest rise since March 2003.
The underemployment rate-which includes part-time workers who would prefer a full-time position and people who want work but have given up looking -fell to 17.2% from 17.5% the previous month.
With the sequence of events from today’s report the mortgage rates will finish much higher than where they began earlier this week. This is still an excellent time to refinance or purchase and these figures are given to give you a snapshot of how quickly rates can change in any given week.
Posted by Randy Ratchford: Partner/Mortgage Planner. Randy can be reached toll free 877-627-9211 ext107 or by email RRatchford@HorizonFinancial.org
