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March 5th, 2010

The Unemployment Situation Holds Steady

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Another month with consistent unemployment numbers isn’t all that encouraging for a country that is struggling to find its grip on economic recovery. However, some analysts are hopeful since many predicted February’s decline of 36,000 jobs to be worse.

The “good” news is that the unemployment rate held steady — remaining at 9.7% — but last month marked the 25th time payrolls have dropped in 26 months, according to MarketWatch.com.

Despite years of payroll declines, we’ve been saying for months now that the number of losses are trending in the right direction. “The improvement is real,” said HSH VP Keith Gumbinger. “The bleeding has stopped.”

While the stability comes as a welcome sign, it doesn’t necessary translate into recovery. “The improving overall picture still hasn’t produced any positive effects — help wanted ads still aren’t filling the classifieds,” said Gumbinger.

The fact that over a year ago the monthly payroll numbers bottomed at a monthly loss of 741,000 makes February’s report — while still negative — feel like a positive. That being said, until the monthly numbers actually turn positive, we’re not out of the woods. “With a little luck, we should finally move upward for good in the next few month,” said Gumbinger.

Has anyone seen their unemployment situation improve over that last few months?

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5 Responses to “The Unemployment Situation Holds Steady”

  1. 108Warren (Chance Van Sciver) Says: March 5th, 2010 at 9:19 pm
  2. Rhonda Says: March 8th, 2010 at 10:33 am

    Yes, I was unemployed for 2 years, diligently searching for work in IT on the Internet everyday, then I received 2 interviews within the same week and received and accepted an offer. I am presently employed although I had to take a 20k salary cut.

  3. Tim Manni Says: March 8th, 2010 at 2:40 pm

    Rhonda,

    Wow, 20K, that’s rough. Hey at least you’re working, right?

    Thanks for sharing your story, please visit us again soon,
    Tim

  4. Mitch Says: March 10th, 2010 at 3:44 am

    Here in the Syracuse NY area unemployment actually went up, while the rest of the state stayed even. Sitting at 9.1%; glad I work for myself.

  5. Tim Manni Says: March 10th, 2010 at 10:30 am

    Hey Mitch,

    Good hearing from you — I’m sure you’re glad you’re your own boss at a time like this. Any idea why unemployment went up in Syracuse but not anywhere else in NY?

    Thanks,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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