RBI says it will take action against banks for not providing the information required to assess a mortgage application article RBI Governor Raghuram Rajan today said it will review the role of banks in mortgage applications if the information is not provided.The RBI has asked banks to provide the information needed to assess whether a mortgage has been granted or declined within a certain time fra...
The economy is growing and jobs are plentiful, with the number of jobs in the construction and mining sectors up by about 300,000, according to the Labor Department.
The jobs report came a day after a strong performance in the services sector.
The Commerce Department said Monday that sales of durable goods, apparel and accessories rose by about 8 percent in January, and the manufacturing sector added 1.4 percent.
In January, the government said retail sales increased by 5.7 percent.
The unemployment rate fell to 4.6 percent, below its July peak of 6.9 percent.
“I think that the strong jobs report was an encouraging sign that we are moving back into a healthy cycle of growth,” said Jeff Zients, chief economist at Capital Economics.
However, the jobs report is not a good indicator of the economy’s health because it relies on the government to calculate employment data.
Economists and policymakers have been looking for ways to move beyond the current jobs crisis that has left many Americans jobless for more than two years.
The Fed, which has been trying to boost the economy, is scheduled to meet on Tuesday.
The economy has been growing at a relatively slow pace since the end of the recession in 2009, according a report by the Congressional Budget Office.
The jobless rate has fallen from 6.8 percent in October to 4 percent today, according the bureau.
Economists said the jobs recovery will take time.
The recovery will depend on the level of wage growth, which is expected to lag far behind that of the rest of the developed world.
Last month, President Donald Trump proposed raising the federal minimum wage to $10.10 per hour.
That would be a big boost to the economy because most workers don’t earn enough to make ends meet, economists say.
The economy’s sluggish pace has put pressure on the budget deficit, which was projected to shrink to $1.8 trillion this year, from $3.6 trillion last year.
More reading: The housing market is showing signs of recovery, and housing starts have climbed by nearly a quarter in December, a sign that some buyers are still on the market for homes.
Wall Street is enjoying another strong week, with stocks up by more than 30 percent in the past two months.
A strong stock market helps with companies raising salaries and workers making more money.
But it can also drive up housing prices.