Courtesy: Scott Medsger – Hometrust Mtg.
The Jobs Report Friday revealed continuing losses in employment. The Labor Dept reported 190,000 job losses for October bringing the unemployment rate to 10.2% – the highest since 1983 – and the “real” unemployment rate to 17.5%. The real unemployment includes those unemployed individuals that have not searched for work in the last 4 weeks – the discouraged or detached workers which includes those that desire full time work, but have had to settle for part time employment. Those individuals are not included in the official unemployment rate. Mortgage bonds rose slightly on the “bad” news and surprisingly, stocks held ground