Video Transcript
The jobs economy is even worse than what Wall Street thought. On Friday, the Bureau of Labor Statistics reported that just 22,000 jobs were created in August. That is well below what was projected. It's a pretty bad number actually and another sign that the economy is slowing down fast led by blue-collar sectors like manufacturing, which is the core of our national workforce. Again, that's bad. And mortgage markets reacted quickly to the news pushing rates down. Bad economic news tends to create safe haven buying. So if you're an opportunist, go ahead, shop rates, see what you see. But before you go cheering about it, remember that joblessness is not great for U.S. housing in the short- or long-term. A strong economy lifts all boats. I'm Dan with Homebuyer.com. Happy homebuying.
Mortgage Rates Drop After Awful Economic Report
The Bureau of Labor Statistics reported that only 22,000 jobs were created in August, significantly below expectations. This disappointing economic data led to a decline in mortgage rates as investors sought safe havens.
Video Transcript
The jobs economy is even worse than what Wall Street thought. On Friday, the Bureau of Labor Statistics reported that just 22,000 jobs were created in August. That is well below what was projected. It's a pretty bad number actually and another sign that the economy is slowing down fast led by blue-collar sectors like manufacturing, which is the core of our national workforce. Again, that's bad. And mortgage markets reacted quickly to the news pushing rates down. Bad economic news tends to create safe haven buying. So if you're an opportunist, go ahead, shop rates, see what you see. But before you go cheering about it, remember that joblessness is not great for U.S. housing in the short- or long-term. A strong economy lifts all boats. I'm Dan with Homebuyer.com. Happy homebuying.
