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More consumers gain stable financial footing

12.05.2012

Personal income levels increased $400 million in October.

The economy continues to build momentum in the form of rising personal income levels and job growth. These trends continued during the third quarter.

In November, the private sector expanded payrolls by an estimated 118,000 positions, according to a report from Automatic Data Processing. This could provide additional financial security for prospective buyers and allow them to take on home loans in the near future.

The majority of growth was caused by large companies, which expanded payrolls by approximately 66,000 positions, the report said. Meanwhile, medium and small companies added 33,000 and 19,000 jobs, respectively.

"This is especially impressive given the uncertainty created by the Presidential election and the fast-approaching fiscal cliff," said Moody's Analytics chief economist Mark Zandi. "Businesses appear to be holding firm on their hiring and firing decisions." 

Additionally, personal income levels increased $400 million in October, according to the U.S. Department of Commerce. Although this was an improvement, it was well below September's increase of $47.8 billion.

As a greater number of consumers find their financial footing, this could give many of them the confidence they need to make a major investment, such as purchasing property in the coming months.

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