Eye On Housing
The labor market rebounded in October from unexpected weakness in August and September but are the signals of recent months indicating strength, weakness or volatility? The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 271 thousand in October, a solid recovery from the 145 thousand average in August and September. Revisions added 12 thousand to earlier estimates for… Read More ›
The count of construction job openings held steady in August as hiring in the home building sector continued to slow. The average monthly employment gain for builders and remodelers is just over 5,500 over the last six months. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) was effectively… Read More ›
Today’s employment report was disappointing on all fronts: weak payroll growth, downward revisions to prior months, and another decline in the participation rate. The unemployment rate was unchanged only because the labor force shrank faster than the number of employed persons. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 142 thousand in September, well below expectations…. Read More ›
The count of construction job openings held steady in July, as hiring in the home building sector slowed. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) remained constant at 137,000 for July. This is somewhat lower than the cycle high of 168,000 set during March…. Read More ›
Today’s employment report offers a Rorschach test for Federal Reserve officials. The report tells less about the labor market than reactions to it will tell about observers’ thinking. It is sufficiently ambiguous that monetary policy hawks will see in it what they need to go forward with a September rate hike, while doves will see it as evidence to hold… Read More ›
The Employment Situation report for July offered more evidence of steady progress in the labor market recovery, the accumulated improvement that may convince the Federal Reserve that it’s time to start raising interest rates. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 215 thousand in July. Revisions to May and June added 14 thousand additional jobs…. Read More ›
Strong job gains in April and May were revised downward by 60 thousand and the unemployment rate fell 0.2 percentage points based on a reversal of the labor market expansion in May. Overall, the employment situation in June was decent, but the recovery from the weakness in March was less vibrant than originally estimated. The Bureau of Labor Statistics (BLS)… Read More ›
A strong jobs report for May adds strength to the argument that the weakness in March was an aberration. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 280 thousand in May. Job gains in March were revised upward by 34 thousand to 119 thousand and April was revised downward 2 thousand to 221 thousand. The unemployment… Read More ›
Consumer sentiment and consumer confidence are two indexes showing consumers’ perceptions of current business, income and employment conditions, as well as their expectations for the future’s economy. They are both highly (inversely) correlated with the unemployment rate. Based on the data from the past three decades, the Consumer Confidence Index and the Consumer Sentiment Index increase when the unemployment rate… Read More ›
Job growth in March was worse than originally estimated but bounced back in April. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 223 thousand in April. Job gains in February were revised upward by 2 thousand to 266 thousand and the March figure was revised downward 41 thousand to 85 thousand. The unemployment rate slipped to… Read More ›