The Bureau of Labor Statistics (BLS) issued its Job Openings and Labor Turnover report for February on Tuesday, April 9th, 2013.
The data was mixed with preliminary figures for all non-farm jobs increasing from 3.62 million jobs in January to 3.93 million jobs in February.
This was the highest month-to-month increase in jobs since May 2008.
Non-farm jobs increased by 399,000 jobs from 3.53 million in February 2012 to 3.93 million jobs in February 2013, an increase of 10.2 percent year-over-year.
More Jobs Means More Opportunities For Home Ownership
More jobs generally means higher incomes and stability which enable more families to buy homes and qualify for mortgage loans.
Hires between January and February 2013 rose from 4.30 million to 4.43 million hires, an increase of 2.70 percent.
Hires between February 2012 and February 2013 fell from 44.9 million to 44.2 million, a decrease of 1.6 percent.
Total non-farm job separations changed little month to month, and remained exactly the same year-over-year at 4.20 million separations.
Numbers of hires and separations surpass job numbers due to workers being hired on and/or separated from more than one job during the reporting period.
Regional Non-Farm Employment Shows Job Growth
- Northeast: Non-farm jobs fell from 688,000 jobs in January 2013 to 647,000 jobs in February 2013, but increased year-over-year from 589,000 jobs to 647,000 jobs.
- South: Non-farm Jobs fell from 1.56 million jobs in January 2013 to 1.50 million jobs in February 2013. Jobs increased year-over-year from 1.34 million jobs in February 2012 to 1.47 million jobs in February 2013.
- Midwest: Non-farm jobs grew from 712,000 in January 2013 to 780,000 jobs in February 2013 and increased from 740,000 jobs to 780,000 from February 2012 to February 2013.
- West: Non-farm jobs increased from 806,000 to 830,000 between January and February 2013; on a year-over-year basis, jobs showed noteworthy growth from 650,000 jobs to 830,000 jobs between February 2012 and February 2013.
It’s A Great Time To Buy Or Refinance A Home
Improving labor data indicates that the economy is on the mend, but this could cause mortgage rates and home prices to rise as the economy expands.
A gradual economic recovery suggests that home buyers and others seeking lower mortgage rates in Indianapolis and Central Indiana can still find favorable mortgage terms. We still see 30-year fixed mortgage rates averaging 3.50% and 15-year fixed mortgage rates at 2.75%, which is great.
But it would likely be best to take advantage of the still historic home purchase and financing opportunities that are available today; especially as we are finally into Spring and the beginning of the home buying/selling season.
Have questions on how this affects the Indianapolis housing market? Let us know below, or drop us a line or phone call at 317.578.1141