Increase in jobs, mortgage applications could spell success for recent graduates
So far this year, the ADP National Employment Report has brought some surprising findings. Even though the past couple of years have been detrimental to the American economy, it seems employers are trying to make a turnaround by hiring more workers to increase production. Additionally, more people have been applying for mortgages in recent months, which is good news for the housing market.
In the last couple of years, it has been very difficult for anyone, regardless of qualifications, to get a job or a reasonably-priced home. Some of the most qualified and educated people are having a hard time finding a job simply because companies cannot afford to put them on the payroll. A lot of college graduates are having to take on less desirable jobs while they search for a career that fits their education and in which they can advance.
The fact that private businesses provided 209,000 jobs in the U.S. since January has inspired faith in many people who were discouraged by what seemed to be a consistently weakening job market. This corresponds to a 2 percent growth rate in the overall economy. The increase allowed policy writers for the Federal Reserve to drop the need to begin a third round of monetary stimulus plans to boost the economy. So not only are more jobs being made available to people, but these jobs are hopefully kick-starting an improvement in American economy by saving the government some money.
On top of the great news that more jobs are being created, Americans are also revamping the housing market by applying for more mortgages. The seasonally adjusted index of mortgage application activity rose 4.8 percent in March, indicating rising confidence for new homeowners and owners looking to refinance. With the responsibility of a new job comes the luxury of home ownership — a luxury that many students hope to enjoy after college. This index rise will be music to the ears of students who hope to stand on their own two feet after leaving school.
The most terrible feeling in the world for students is to spend four or more years working hard at a university for no payoff after graduation. After all the money we spend on books and tuition, we expect some security later on. Yet today’s economy has left a lot of graduates empty-handed, wondering when they will find the career of their dreams.
Even though this is a small step in an economy that finds itself in over $15 trillion of debt, it is a start to what is hopefully an annual increase. Maybe this will also mean an increase in the worth of a college degree. For right now, we can only hope.
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