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The Last Jobs Report

October 6, 2020

No, the Labor Department is not giving up on reporting monthly statistics. But the report released on Friday was the last reading on the job market that we will see before the election. It is said that the voters vote with their pocketbooks each year. Of course, this year the economic numbers are skewed significantly because of the pandemic. If you look at one month, the gain of 661,000 jobs would indicate an extraordinarily strong month for the economy.

Astoria Queens Home Loan mortgage broker

If you look at the year, we have lost over 10 million jobs during the pandemic. For the past 100 years, we have never had a Presidential election held in the middle of such a severe health crisis — and 100 years ago, during the Spanish Flu pandemic, we were in the midst of a World War. Thus, it is exceedingly difficult to tell how this jobs report or the jobs situation in general will affect the vote. Certainly, the pandemic will affect the way many of us will vote–with more voting by mail and/or before the Election Day crowds hit.

When we look at the economy in general, it is important to understand that the recovery will take some time. Yes, we have recovered over 10 million of the jobs we have lost, and the unemployment rate has recovered to 7.9%. But the time it takes to recover all of the jobs lost will not be the entire story. We typically add two million jobs per year during periods of economic growth. If it takes 12 months to recover the jobs we have lost, we will need to add another two million jobs just to get caught up. And that will take time. The good news is that the Federal Reserve Board is prepared to keep interest rates low, no matter how long it takes. The President and the First Lady being diagnosed positive is a reminder of the challenge we face.

Source:  Origination Pro

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Amerimutual Mortgage is located in Astoria, Queens, New York

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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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