The national unemployment rate fell in January, as the job market continued to create more employment opportunities for American households.
According to the Labor Department, in the wake of the economy adding an estimated 243,000 new jobs during the month, the unemployment rate fell to 8.3 percent, the lowest level recorded since February 2009.
The report indicated that the sectors with the most significant employment gains were the service industry, leisure and hospitality and manufacturing. As these areas continue to provide more job stability for households across the country, it could result in a drop in the mortgage default rate - and subsequently, the number of foreclosed houses - as more borrowers are able to make their mortgage payments on time.
However, despite the surge in job creation, there were still approximately 12.8 million Americans out of work in January, after falling from 14 million the previous month.
Meanwhile, the drop in unemployment was a surprise to some industry experts, as analysts from Econoday anticipated the addition of 135,000 jobs after a range of initial estimates between 110,000 and 189,000.