Party Time! Americans Traveling, Spending More This Labor Day

Labor Day is just one of those holidays you have to love. You're not expected to buy a ton of gifts, you're not obligated to spend time with every living relative and you get an extra day off in nice weather to pretty much do whatever you want.

But in tough economic times, Labor Day can be a touchy subject — it can be hard to celebrate "labor" with so many people unemployed — but this year there are several legitimate reasons to celebrate a holiday intended to honor work by not working.

Case in point? According to the American Automobile Association, Americans are traveling and spending more than last year. This weekend, AAA expects 34.4 million folks will travel at least 50 miles away from home this weekend, a 10 percent increase from last year. Wallet-wise, people are expected to drop an average of $697 this weekend, up about 7 percent from last year, reports MSNBC.

Fittingly, Labor Day weekend comes just as we receive some updated employment news. On the down side, the country shed 54,000 jobs and the unemployment rate remained basically steady at a grim 9.6 percent. But there is a glimmer of hope: The private sector gained more jobs than expected, putting 67,000 Americans back on the payroll and thus, officially able to celebrate Labor Day — likely more than most. Overall, The Washington Post declared that this latest jobs reports shows stagnation. As the paper put it, "We're not falling back into the hole, nor are we getting out of it."

But there was some other legitimately positive news released today, particularly good for anyone who has a job and is looking to make the ultimate investment: owning a home. According to The Wall Street Journal, mortgage rates hit the lowest level in decades: 4.32 percent.

So, if you're thinking about buying a home, now might be the time to do it — after all that traveling and partying this Labor Day weekend, of course.

Photo by Joe Shlabotnik via Flickr.