There you have it, even with an election on the horizon jobs keep steadily pumping out!
I can’t wait until next year. I don’t believe who the president is will matter. What will matter is we will be further on turning the corner from the financial crises which caused the housing crisis.
Next year home building will rebound nicely. One has to consider, normally we build 1 million homes a year with an average price over $200,000. We dropped to below 600,000 new buildings a year.
What does that mean to the Economy?
Basically 400 thousand sales or buildings not constructed. We multiply that by $200,000 and get $80 Billion removed from the economy. Each new home adds 3 jobs, so that removed 1.2 million jobs from the economy. As housing bounces back to normal numbers, 1 million units built. Not the 1.35 million of 2007, but a normal number. We will see another 1.2 million jobs, plus all the ancillary jobs created.
I believe we get at least 1/4 of that production back next year. I believe we get it ALL back over the next 3 years.
This is just one factor in why the economy will continue to improve in 2013.
Below is a link to the jobs report on CNBC:
American job creation improved in October with 171,000 new jobs but the unemployment rate moved higher to 7.9 percent, setting the stage for a final push to the finish line in the heated presidential campaign.
A job seeker reviews listings in the Job Finder at the Rigzone Oil & Gas Career Fair in San Antonio, Texas, U.S., on Tuesday, Oct, 23, 2012.
Economists had been expecting the report to show a net of 125,000 new jobs and a steadying of the unemployment rate at 7.8 percent. Nomura Securities predicted the rate would fall to 7.7 percent, but most expected no change.