The U. S Bureau of Labor and Statistics reported that the national Unemployment Rate dropped unexpectedly from 9.2% to 9.1%.U.S employers hired more workers in July alleviating immediate concerns over another potential slowdown in the U.S economy. 117,000 jobs were added, far exceeding the 85,000 forecast by analyst. Adding to the positive report was an increase in wages.
Most economists believe that we need to see a net gain of 200K jobs each month to materially move the Unemployment Rate downward, but the data in this report was welcome news.
Housing demand is more closely tied to employment levels than any other factor (even mortgage rates), so any improvement in this data is welcome news for the housing industry.
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