Freddie Mac says economy’s in ‘rough patch’

With the housing market struggling and the unemployment rate hovering above 9 percent, some economists are speculating the country is headed for a double-dip recession. But according to Freddie Mac, that projection is unlikely.

In a recent analysis conducted by the mortgage giant, Freddie Mac says the country is in the midst of a temporary lull and that home purchases will likely finish the year between 3 percent and 5 percent ahead of last year's rate of sales.

"Following June's labor market report, households are naturally concerned about their financial futures which is being reflected in the housing market," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive GDP forecasts for the United States."

As for job growth, the report indicates the economy is in the midst of a "rough patch" and not necessarily an indication employers are cutting payrolls.

This may come as good news to those in the job market, as it's one less hoop to jump through. Instead, job seekers can focus their attention on repairing their bad credit reports, which may have resulted from unsubstantiated claims. Employers may look at an applicant's credit history in the hiring process, so having clean credit is important.