Lake Tahoe Home Loan Rates and Lake Tahoe Mortgage Rates:
There was a surplus of economic data from the labor sector this morning with readings on private payrolls, weekly initial jobless claims along with a report on planned layoffs at companies across the nation. The Bond markets will be closing early today at 2:00pm ET and Stocks will close at 1:00pm. All capital markets will be closed tomorrow in observance of Independence Day.
ADP reported that private employers added 188K new jobs in June, above the 150K expected and up from the 134K registered in May. The Labor Department reported that Weekly Initial Jobless Claims fell by 5K to 343K and below the 348K expected, but the number has been stuck in the current range for quite some time now. Outplacement firm Challenger, Gray & Christmas said that planned job cuts were 8.2% higher in June from May with the bulk of the cuts coming from the computer and education sectors. June’s layoffs were higher by 4.8% from June 2012, but they have improved in the first half of this year.
As a whole, the labor markets have been improving, but the Unemployment Rate still remains high at 7.6%. In addition, the Labor Force Participation Rate (LFPR) is at 63.4%, near low not seen since the late 1970s. The LFPR is the percentage of working-age persons in an economy who are employed or are unemployed but looking for a job.