Economic News Week: November 1, 2010
By Tony Stevenson/SWBC Mortgage
The Consumer Department said Friday that the economy expanded at a 2% annual rate in July-September. This was an improvement from the 1.7% growth in the April-June quarter. Businesses spent more to increase their stockpiles which has provided a boost to the economy as well. The GDP -durable goods orders-jumped 3.3% in September. The Existing and New Home sales reports came in above expectations too. Existing Home Sales climbed to 10% for September and New Home sales rose 6.6%. The question remains, “are we in a jobless recovery?” Only time will tell but, I’ll take the positive news over the negative any day. As a matter of fact, “Consumer Confidence” is even up. Confidence among U.S. consumers rose in October from a seven-month low, as households turned less pessimistic on the outlook for the economic recovery. The CPI rose to 50.2% from a revised 48.6% in September. Less folks applied for unemployment benefits last week. This is the second drop in a row and a positive sign the job market could be improving. Maybe some folks will get an early Christmas present, by finally getting employment.
Locally, “Unemployment Rate Lowest in Over Year” was a headline in the Fredericksburg Standard-Post this past week. Gillespie County’s job market is improving, according to the Texas Work Force Commission’s latest report, which said that September’s unemployment rate is the lowest it has been in over a year- at 4.5%. Among Texas’ 253 counties, Gillespie County ranks seventh-best overall according to the same article. Other surrounding counties have low rates as well. They are as follows: Blanco=5.3%, Kendall=5.7%, Kerr=6.0%, Burnet=6.1%, Comal=6.5% ,Bandera=6.6%, and Bexar=7.3%. Texas’ overall average unemployment rate is 8.1% compared to the Nations at 9
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