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2021 – The Year of Jobs in Review

January 18, 2022

While all the numbers for the 2021 economy are not released yet, the December jobs report has been released. And though the December numbers will be subject to two revisions, we do have a good idea of how we have fared in 2021 – and the news is very good in this regard. Let’s start with the headline number.

employment-report-2018-Queens-NY-mortgage-broker

The unemployment rate started the year at 6.3%, as the economy was still recovering from the pandemic shutdown. We ended the year with an unemployment rate of 3.9%. That is a reduction of 2.4%. This is better than what was forecasted at the beginning of the year, as initially it was predicted that we would not reach “full employment” levels until sometime in 2023. Now this target has been moved up to 2022. The addition of 199,000 jobs in December brought us to 6.45 million jobs added in 2021, the highest on record.

Along with the 141,000 revision of the previous two months of job gains, this means that approximately 90% of the jobs lost in the pandemic have been recovered. We really have more jobs to go because of labor force growth during this recovery time. Even though many left the labor force during the recession, some are expected to return, which will increase the labor participation rate. Who could have predicted that we would have a labor shortage in 2021? Certainly, forecasters did not see this coming when we were in the midst of losing 20 million plus jobs during the pandemic induced shutdown. 

Source: Origination Pro

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Testimonials

Eli N

Benny and Phil were great to work with! they assisted us in every aspect of the process even when it wasn’t their job. They explained every step and guided/advised us on the best course of action. Their fees were more than fair and their integrity was at a level far above ANY lawyer or mortgage broker we have ever dealt with.

Joe D.

Philip Loria made the mortgage process quick and easy, and also found ways to save us money. He was always on top of things, very accessible, and his communication is top notch. I will recommend Philip Loria and Amerimutual Mortgage highly to any of my friends, family or colleagues.

Joe D. Long Island, NY
Ninfa Brusca

Philip and Benny Loria were very knowledgeable and professional. They exceeded all our expectations and were a pleasure to work with. They were both were just genuinely nice guys. They listened to all our concerns and did everything in their power to accommodate our needs and make feel comfortable throughout the whole mortgage process. I recommend Amerimutual Mortgage to anyone who is looking for a mortgage.

Ninfa Brusca Tuckahoe, NY
Lenny P., Occupation: Real Estate Development

Richard, I wanted to thank you for all your help and hard work. I am so glad our refinance was a success. You were very diligent and dedicated to getting me the best rate possible. I truly enjoyed working with you and will recommend your services to all our friends and family.

Lenny P., Rye, New York
Nick Tsatsaronis

Philip Loria, assisted me with my refinance. Thank you so much for all of your time and hard work. You made refinancing my house easy and stress free. I wouldn’t recommend anyone else. I will definitely use Amerimutual Mortgage for any future needs, and recommend them to anyone who needs a mortgage.

Nick Tsatsaronis Flushing, NY
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