It is good news about the job market! The unemployment numbers for February dropped to 4.5 percent nationally. In New Jersey the unemployment rate held a 4.2 percent (Department of Labor and Workforce Development) in February unchanged from January. With the hoopla over the stock market decline, some might have missed that New Jersey’s unemployment rate is lower than the national average again in February. Granted it is merely 3 tenths of a percentage point but it is something to crow about while everybody else is bemoaning the loss of 12,000 on the stock market. We live in a capricious society where anxiety over the stock market reigns, rather than a celebration of the lower the unemployment rate which is an indicator of a healthier the economy. The healthier the economy the more likely people are to at least catch up on their mortgages rather than default entirely and have their home fall into foreclosure -- which is the major anxiety-maker of the moment.
Granted the number of foreclosures is up but with the increase in the number of subprime mortgages out there some pruning had to be anticipated one would think. Is that any reason for investors to start withdrawing from the mortgage investment market? Apparently so if last week's market ending is anything to go by. Still at least in New Jersey, unemployment is lower than the national rate!
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