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Payroll employment grew 227,000 in February, exceeding expectations of 210,000. This is the third consecutive monthly gain over 200,000. The private sector continued to drive job growth in February with widespread gains across sectors. The unemployment rate remained unchanged from January at 8.3%.

Past reports were revised upward as well, with January’s growth revised to 284,000 from 243,000 and December’s growth revised to 223,000 from 203,000.

ABA’s chief economist James Chessen commented, “There’s now slow steady march forward. Businesses are gaining confidence and realizing that existing staffing isn’t enough to meet the expected demand as the economy grows.”


February’s employment gains were broad based, across the private sector, which added 233,000 jobs. The service industry continued to see the largest gains, adding 203,000 jobs while the goods producing sector added 24,000 jobs.

Specific industries seeing the largest boost in February were the professional and business services, education and healthcare, and leisure and hospitality. Professional and business services added 82,000 jobs. The education and healthcare sectors added 71,000 jobs, with healthcare expanding 61,000. The leisure and hospitality sector added 44,000.

Government continues to drag on growth, shedding 6,000 jobs in February.


The unemployment rate remained unchanged at 8.3% in February, as increases in the labor force were balanced by increases in household employment. The labor force participation rate increased slightly to 63.9% in February.

While the average workweek remained unchanged from January at 34.5 hours, the average hourly earnings did increase slightly to $23.31 from $23.28.

Read the report.

Lets say that six months ago you had no credit whatsoever. Knowing that you needed to build a credit rating, you asked your friend to add you onto his credit card as an authorized user. The credit card company then began reporting his credit card history in your name as well as his. This established a credit report for you. Although the authorized user account didnt contribute to your credit score (it only does so if the authorized user is an immediate family member, such as a parent or spouse) it did create a stable credit history.



Fastforward three months and your best friend loses his job. Hes using his credit card to make ends meet but eventually succumbs to the financial pressure and defaults on the card. The collection calls commence...and guess who theyre calling?

YOU

Theyve called him, of course, but he has no job and no assets. You, on the other hand, are finally doing well for yourself and have a bit of extra money to tuck away each  month. Now the collection agency is threatening you with bad credit and – could it be? – a lawsuit if you dont pony up the cash to cover your friends defaulted credit card bill.

But know this: Authorized users are not legally responsible for credit card debt the primary card holder incurs. Too many consumers are frightened by calls from bill collectors over debts they arent even liable for. Dont let it happen to you. Send the collection agency a written notice informing the company that you are merely an authorized user on the account and, as such, are not responsible for the debt. Note that the company is violating the Fair Debt Collection Practices Act by informing you, a third party, of the primary account holders debt. Demand that the collection agency never contact you again.

And if you havent already, contact the credit card company and remove your status as an authorized user. The longer the account remains on your credit report, the worse the situation becomes.

Private sector employment increased by 198k jobs in February according to ADPs National Employment Report. Gains in February continued to be driven primarily by the service sector, however the goods sector made gains as well. Februarys gain is slightly lower than Januarys gain of 215k jobs, revised upward from an initially reported 192k jobs. Januarys ADP report translated into a gain of 157k jobs as reported by the BLS.



Keeping with recent trends, the majority of job creation in February came from the service sector, which created 164k jobs, down from 184k in January.

The goods producing sector picked up steam in January, adding 34k jobs, up from 31k the previous month. Much of this gain was driven by improvements in the manufacturing sector, which added 9K jobs. The goods sector has now seen employment gains for five consecutive months.

Read the ADP release.

ADP’s National Employment Report indicated that the private sector increased employment by 158,000 jobs in March. March’s increase is weaker then February’s gain, which was revised up by 39k jobs to 237k. Improvements in March continued to be driven primarily by the service sector. Februarys ADP report of 237k jobs matched closely to the 236k jobs reported by the BLS.



Job gains continue to be centered in the service sector, which added 151,000 jobs in March, down from 164,000 in February. Goods producing employment added 7,000 new jobs in March, a drop from the 34,000 jobs added in February. Manufacturing contributed 6,000 jobs, a decline from the 9,000 new jobs in February.

Read the ADP release.

Erskine Bowles and Alan Simpson, former heads of the debt commission, announced a new deficit reduction plan Tuesday. The deal, which would cut the deficit by $2.4 trillion over the next 10-years, is an attempt to find a middle ground between Democrats and Republicans. House Republicans have set a $4 trillion target for deficit reduction, while the White House has set a more modest $1.5 trillion goal.



The new plan would build on recent measures to address the deficit, and cut an additional $2.4 trillion from deficits from 2014-2023. These savings would be achieved via $600 billion in cuts to Medicare and Medicaid, $600 billion in additional tax revenue following tax reform, and $1.2 trillion from cuts and caps to discretionary spending.

Read the proposal.

ADP’s National Employment Report indicated that the private sector increased employment by 118,000 jobs in November. Although November’s growth is lower than October’s 157,000, it is still a strong result given the effects of Hurricane Sandy. ADP estimates that the effects of Sandy cut 86,000 jobs from payrolls in November. Accounting for this effect, ADP estimates November’s employment would have risen by 204,000 jobs.



In October, ADP moved to a new methodology of calculating payroll employment, designed to ensure that employment numbers line up more closely with the BLS’s employment situation. The 157,000 jobs created in October, translated to growth of 171,000 jobs as reported by the BLS.

The report indicates that the service sector continues to drive job creation, accounting for 114,000 of the jobs created in November. November’s service sector growth represents a slowing from the 149,000 jobs the sector created in October. The goods producing sector also slowed in November, creating 4,000 jobs, less than the 8,000 jobs created in October. The manufacturing sector remains weak, shedding jobs for the past five months.

Read the ADP report.

Simply put, excess debt is due to having the wrong attitude towards money. If you want to change your debt, then you have to change your attitude. Eliminate stress and free yourself from the oppressive weight of excess debt. You will begin to understand why there is a need to change your attitude towards money, as it can make your life a whole lot easier, if managed correctly.

" I am living so far beyond my inome, that we may almost be said to be living apart" e e cummings (1894-1962)

By changing your attitude about money, you can eventually train yourself to plug those leaks. It doesnt have to be a big shift, you can save a lot with some small tweaks. You have to be diligent to create a budget and then use that tool to regulate your expenditures. Once you know where your money is going, you can make the choices on what and what not to spend your money on.

So how do we control this leaking of money? Very simply, you need to change your attitude toward spending. Its a paradigm shift, but not a large one. You have to budget your funds and control the outgo. Does this mean you cant buy anything. Absolutely not. What it means is you have to know where your money goes and you have to make choices on what you spend it on. You dont just whip out that card willy nilly every time you see something you want.

Changing your attitude will enable you to take the first steps to getting your finances under control. You must make the choice about how you will handle your money and eliminate your debt. No it wont be easy? Not at first. But the more you focus and work your budget plan, the sooner you will get out of debt.

The wrong attitude about money affects people in all income groups. Rich or poor, business owner or employee, it doesnt matter. With the wrong outlook, you may feel you can always make more money, so you dont pay attention to what you spend. This will come back to haunt you. Change your attitude about debt, credit, and money and improve the quality of your financial life

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Homeownership is the key to building wealth for most people because it is an involuntary savings account. As you pay down your mortgage each month, the value of your interest in the home rises.

Build Equity By Choosing The Right Mortgage

Equity is a beautiful word as every homeowner knows. Once you get used to making your mortgage payments, you can rest assured that you are creating a nest egg every month. Throw in the appreciation on the property and your nest egg can grow large before you realize it. This savings account, better known as equity, can provide the means for putting your kids through college, dealing with emergencies and retiring.

Building equity is fairly simple. Just make your monthly mortgage payment. There are additional steps you can take to move the process along at a faster pace. These steps are all about the type of mortgage you obtain when you purchase your home.

When you purchase a property, particular for the first time, it can be a stressful event. Right or wrong, most people tend to take anything they can get in a mortgage loan so they can meet the closing of escrow. This is understandable, but can come back to haunt you financially. If you can step back from the chaos for a moment, you might consider the following options that will help build equity.

A 30 year mortgage is the default for most homebuyers. It is the first thing that comes to mind and most assume it is the safest option. A 15 year mortgage, however, is going to cut down on the total interest you pay on the loan as well as supercharge your equity growth. The 15 year loan is far better than a longer option, but only if you are absolutely sure you can meet the monthly payment requirements. If you have any doubts whatsoever, there is another option that you can consider.

Making prepayments on principal is a simple, proven way to build equity. The idea is to make an extra monthly payment when you have sufficient cash to do so. Effectively, you use your home as a savings account by doing this. The advantage over other investments is the equity growth should be tax free. Before taking this step, find out from your lender if there are any prepayment penalties. Regardless, making two of these payments each year will quickly build equity in your home.

If any of these ideas sound interesting, you can still take advantage of them even if you currently have a mortgage. Refinancing your mortgage gives you an opportunity to correct mistakes you made when you more focused on getting through escrow. Talk with a mortgage broker to find out your options.

Consumer credit continued to grow at a rapid pace in January, rising by $17.7 billion. Consumer credit has now grown by $54 billion in the past three months, the fastest pace since October 2000. Consumer credit has expanded for five consecutive months, and for 15 out of the past 16 months.


Non-revolving credit continues to drive the growth, expanding by $20.7 billion, the fastest pace since November of 2001. The surge in non-revolving credit was driven largely by federal government balances, which include student loans. This accounted for 85% of the monthly change in non-revolving credit. Strengthening auto sales also helped grow consumer credit.

ABA Chief Economist James Chessen said, “Student loan growth continues to dominate the increase in consumer credit, and is having a major impact on overall non-mortgage consumer debt.”


Revolving credit fell by $2.9 billion in January, the first contraction in five months. Despite the fall, revolving credit has growth by $6.2 billion in the past year.

Read the report.