US sees unemployment fall

The rate of unemployment has fallen in the US for the first time in nearly two years, something that could bode well for the economy and property market in the country.

Figures from the US Labor Department showed that the unemployment total had dipped from 9.5 per cent of the workforce in June to 9.4 per cent in July.

Responding to the news, president Barack Obama said it was evidence that the administration's polices to tackle the recession are bearing fruit.

"While we have rescued our economy from catastrophe, we have also begun to build a new foundation for growth," he commented.

Such a situation could help boost the US property sector, offering those who buy homes in the US a greater chance of seeing capital gains accrue over the coming years.

Last week CBRE Investors said that now is an "historically favourable" time to invest, as the market is close to its bottom.

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