6.7% is a great way to start the New Year! In spite of bad weather before Christmas, and moderate Christmas retail sales, and in spite of sequestrastion and an ineffective House of Representatives, the unemployment rate in the USA dropped to it's lowest level in 5 years or more.
We at BootheGlobalPerspectives have been reporting broad economic recovery throughout the nation because of trends we have observed, for over a year. This reccovery is led by places such as Houston, Atlanta, Chicago, Miami, Fort Worth/Dallas, and other 'hot' areas, but is reaching broad expansion throughout the nation. Economists, are talking about a belief that there is improvement throughout the economy and that job growth in 2014 might be able to continue at a 200,000-or-so monthly rate. If that happens, as we and others have predicted, the jobless rate could be down around 6 percent by year's end. This is data that we have repeatedly reported in feasibility studies and appraisals for over a year, because these factors can impact and improve the appraised values and economic feasibility of commercial business and real estate.
One caveat: As the Federal Reserve scales back on some of the stimulus that could slow things down, but the FRB is acting prudently and it is unlikely that it will take actions that will harm the economy or this recovery growth trend. A 6% unemployment rate by the end of 2014 would be wonderful news for the USA and for the world.
THE LOWEST UNEMPLOYMENT RATE IN OVER 5 YEARS
74,000 jobs added to public and private payrolls in December, even in spite of inclimate weather and many days of power outages and businesses not funcioning, is good news indeed and calculates to an unemployment rate of 6.7 percent, the Bureau of Labor Statistics said Friday morning, that this is the lowest unemployment rate in 5 years.
The chart to the left shows the initial data reports in red and the blue line shows adjustments after more data has been analysed. Overall the adjusted trends often have been higher than the initial reports.
For people who work for a living, a higher percentage of our population is working with jobs than in many years. The dignity of having a job to get up and go to is restored for more Americans than since the "Bush Recession" began. This means that Americans are on the move yet again, we have stood firm and survived this Great Recession and are rebuilding our finances and our security.
For the nation, it means a stronger econmic foundation and a stronger nation is re-emerging.
This trully, is a little late, but we will call it a "Happy New Year" item of news for early 2014.