Unemployment picture improves
Posted April 7, 2011 8:14 p.m. EDT
A very quiet week for economic data, but I wanted to make you aware that the national employment picture improved last week and now the Triangle is following the trend.
The unemployment rate now stands at eight percent here in the triangle - that figure is down from eight point three percent in January, and down from nine point four percent a year ago according to the Employment Security Commission of North Carolina.
Jobless claims declined by ten thousand this week, giving us 382,000 claims for the week ending April 2. Continued movement in this direction will be good for economic growth as jobs are the crux of a stable economy.
Speaking of economic stability, the European Central Bank raised rates this week in reaction to strong concerns over possible inflationary fears.
With Portugal reaching out this week to the European Community for help, it seems as though this may be the first of a few rate hikes to occur this year as part of the seventeen country European Union.
Switching gears back to North Carolina, according to the latest report from Core Logic, the foreclosure rate in the Raleigh-Cary MSA rose slightly in January from its reading in December.
Year over year numbers also show a slight increase - but the silver lining here is that the Triangle continues to trend lower in comparisons on both state and national levels.
We also saw the implementation of a new Federal Rule this week. The new rule pertains to Mortgage Loan Officer Compensation, and addresses the manner in which a Mortgage Loan Originator can be compensated.
There has been quite a bit of controversy surrounding the rule - so much so that its start date was delayed last week by a federal judge - but that temporary stay was lifted and the new rule is now in place. I'll keep you posted as to what impact this new rule has on the mortgage marketplace.