October 5, 2008
October 5, 2008 by admin
The market digested major news on Friday with the final approval of the long anticipated government bailout package for the banking industry. Earlier in the day the economy was dealt another blow as the labor market reported that the economy had lost over 160,000 jobs for the month of September. Every month in 2008, the economy has lost jobs and the unemployment rate remains above six percent.
The news out of the labor markets did not surprise most economists who recognize that the U.S. is now in a full born recession. The immediate reaction of the passing of the seven hundred billion dollar bank bailout was a sell off in the stock market. Mortgage rates remained relatively unchanged with the news and fixed rate loans are hovering in the mid six percent range.