Tag Archives: unemployed

Unemployment Rate Falls to 8.5%

The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.

The reported rate is down from 8.6 percent in November. The change in total nonfarm payroll employment for November was revised downward from +120,000 to +100,000. October’s data was revised upward from +100,000 to +112,000.

December’s results were better than expected, with the consensus forecast among analysts looking for the rate to inch up to 8.7 percent and net job growth over the month to tally 150,000.

December marks the sixth consecutive month of 100,000-plus job gains and the first such stretch employers have been able to string together since 2006.

The number of long-term unemployed – those jobless for 27 weeks or more – was little changed in December at 5.6 million and accounted for 42.5 percent of the unemployed.

The unemployment rate has declined by 0.6 percentage point since August, according to the Labor Department. At 8.5 percent, the rate ended 2011 at its lowest level in nearly three years.

Over the 2011 calendar year, nonfarm payroll employment rose by 1.6 million, up sharply from the 940,000 jobs added in 2010.

Employment in the private sector rose by 212,000 in December and by 1.9 million over the year.

Government employment changed little over the month but fell by 280,000 over the year.

The national unemployment rate averaged 8.9 percent in 2011, compared to 9.6 percent in 2010.

This article is from DSNews.com: “Unemployment Rate Falls to 8.5%“.

Mortgage aid open to more Calif. borrowers

A state-run program that helps homeowners struggling to pay their mortgages now has broader eligibility guidelines, opening up help to borrowers who did “cash-out” refinances and own multiple properties, said California Housing Finance Agency officials on Monday.

The mortgage-aid effort, called Keep Your Home California, so far has helped close to 8,000 low- and moderate-income households that are behind on loan payments or close to default, according to agency leaders.

Keep Your Home California“This expanded eligibility will allow more families to qualify and receive greater assistance,” said California Housing Finance Agency Executive Director Claudia Cappio, in a statement. “We are continuously evaluating our experience so far and making adjustments like these based on the initial results of the Keep Your Home California program.”

Keep Your Home California has four parts that include: mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. The programs, paid for by the U.S. Treasury Department’s Hardest Hit Fund, is costing taxpayers $2 billion.

Monday’s announced changes include:

–Allowing homeowners who completed “cash-out” mortgage refinancing to take part in the four programs. Such borrowers were excluded before.

–Allowing borrowers who own more than one property to apply. Program officials said this will be particularly helpful to those who co-signed on properties for family members.

–Offering mortgage aid to unemployed borrowers for nine months, instead of six. Such homeowners can get up to $3,000 a month. To qualify, you must receive unemployment benefits.

–Reinstating up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

To qualify, your mortgage servicer must take part in Keep Your Home California. Click here for the list of servicers.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays. Visit: www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

This article is from SignOnSanDiego: “Mortgage Aid Open to More Calif. Borrowers.”