Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
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The local unemployment rate dropped quickly, drastically, sharply in April 2016. Waaaaay down to 3.2% -- which is the lowest rate on record in the past six years -- by far.
Read some commentary on this news via last week's Daily News Record article, excerpted below.
Unemployment in the Harrisonburg metropolitan area hit an eight year low in April, according to data released Wednesday by the U.S. Bureau of Labor Statistics.
The local unemployment rate (Harrisonburg / Rockingham MSA) edged down to 4.8% in October 2014. That shows a slight decline from the several months prior -- as well as an overall improvement from a big picture perspective....
Low unemployment rates keep our local housing market healthy by keeping our foreclosure rate low along with not creating too many desperate sellers who sell at any price and affect pricing trends.
Learn more about this month's Featured Property: 3339 Deavers Lane
The unemployment rate went up in June 2014 for the Harrrisonburg - Rockingham Metro Area. Read today's Daily News Record article for more details.
Keep in mind, however, that....
View many more local economic indicators here: HarrisonburgHousingMarket.com
If the past five years are any indicator, the local unemployment rate will start increasing again in May. As shown above, April has consistently been a low point for unemployment rates in our area, followed by increases in May, June, July.
Can anyone offer any insight or guesses as to why this happens so consistently in this area?
The Harrisonburg / Rockingham unemployment rate dropped below 5% for the first time in 50 months in March. This is a good sign for our local economy, and also speaks to trends being seen across the state and country as well.
Our local unemployment rates have fallen again (for the 3rd straight month) to 5.3% --- a tie for the lowest rate we have seen in nearly four years.
Read more from yesterday's Daily News Record article.
Here is the first half of the headline from today's Daily News Record....
(the only part that was really printed)
Here is what the second half of the headline could have been.....
So yes, it is true that this is "the biggest monthly jump in nearly a year" -- but put in context, it's not as terrible news as some might otherwise suspect.
The bottom line here is that month by month analysis of local unemployment rates can cause you to have sudden mood swings. After all, last month we were celebrating a tie for the lowest unemployment levels in over a year.....and this month we're mourning a huge increase in unemployment.
This is one metric that we like to see declining.....
The national headline (and excerpt) from the Daily News Record over the weekend....
The local headline (and excerpt) from last week's Daily News Record....
Just as with the housing market, the local news is often quite different than the national news, thank heavens!
This is one economic indicator that I am happy to see heading downward. There are still lots of people who are not able to find work, but this trend is headed in a great direction.
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