Saver Alert - Unemployment Rate Dips to 7.7%

Author: Sol Nasisi on March 8, 2013

The Labor Department reported today that employers added 236,000 jobs in February, helping to lower the unemployment rate to 7.7%. Overall, the U.S. economy has lost 8.8 million jobs since the advent of the financial crisis, and has only generated 5.6 million jobs in the same period. The 3.2 million job diffrence is what is responsible for low savings and CD rates. For savers, the unemployment rate is the single most important indicator, since the Fed has pegged raising rates to the metric. The Fed has stated it will keep rates low until unemployment falls below 6.5%.

For more information on the impact of the Fed and other economic indicators on savings rates, please read the weekly Savings and CD Rate Update column. To access the latest update, click here.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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