November 2024 Newsletter
Are Rates Down or Up?
Despite two interest cuts lowering the Federal Reserve’s target rate, mortgage rates remain elevated. Technically, mortgage rates did go down, but then jumped right back up. So what gives? Unfortunately, the Fed’s influence is primarily on short-term rates, leaving all other long-term rates (i.e. mortgages) to be influenced by market forces. It is still a savers market with money market accounts ranging from 4 to 5% and mortgage rates around 7%.
Despite high borrowing costs, our economy continues to grow, the stock market is at an all-time high, and unemployment is near a historical low. “Toto, I’ve a feeling we’re not in Kansas anymore.” We don’t know if the music will stop, but as long as it is playing, it is best to keep dancing.
As always, please reach out to our team with any questions.
Stay safe and healthy,
Sandra James
News & Important Updates
New York State Clean Slate Act
The Clean Slate Act (CPL 160.57) will automatically seal an individual’s New York State criminal records. The law takes effect on November 16, 2024. Within three (3) years, the office of court administration will seal eligible convictions entered before the effective date.
Coming Soon to the PEEK Platform: Single Sign-On (SSO) for Microsoft Accounts!
We’re excited to announce that SSO will soon be available for our PEEK platform utilizing your Microsoft Outlook email address. To use this feature, you’ll need an Outlook email address. Access may require IT department permissions, so please contact them if needed. For any questions, reach out to your Client Service Specialist!
Media Search Product Release Notes: Renaming “Harassment” Behavior Flag to “Trolling”
Based on customer feedback, Media Search is changing the name of our “Harassment” Behavior Flag to “Trolling.“ What we flag on reports will not change, just the name of the Behavioral Flag that appears on Media Search reports.
Hot Topics
San Diego County Adds a New Layer to California’s Complex Web of Laws Regulating the Use of Criminal Records in the Hiring Process
Effective October 10, 2024, the latest local ordinance will take effect in the unincorporated areas of San Diego County. The good news for employers is that this ordinance does not go nearly as far as the new ordinance that applies to the unincorporated areas of Los Angeles County. In fact, employers that comply with California state law will mostly satisfy their obligations under the San Diego County ordinance. Still, as these local laws continue to proliferate in California and nationwide, it is a good time for employers to review their criminal record screening policies.
California Legislative Year-End Review: Preparing Employers for 2025
California’s busy legislative year has come to an end, with Governor Gavin Newsom signing several new laws that will impact Golden State employers. Here, we summarize the laws expected to have the greatest impact on California employers in 2025.
