Eye On Housing
It was a good month for the labor force, builders not so much. The labor force and payrolls expanded smartly but recent gains have been tilted to the service sector while employment producing goods and homes has been flat. The Bureau of Labor Statistics (BLS) reported payroll employment rose by 255 thousand in July, the labor force expanded by 407… Read More ›
The labor market report for June is a refreshing tonic after last month’s discomfort. The Bureau of Labor Statistics (BLS) reported payroll employment growth rebounded in June, expanding by 287 thousand after an unnervingly weak May. Gains in the information sector were boosted by the return of roughly 40 thousand Verizon workers who had been out on strike in May…. Read More ›
April was a bad month, May is a shocker, and June is a non-starter. The Bureau of Labor Statistics (BLS) reported payroll employment growth stalled in May, expanding by only 38 thousand. The gains in May were expected to be depressed because of roughly 40 thousand Verizon workers on strike, but even taking that into account May’s gains were well… Read More ›
The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 160 thousand in April, below analysts’ expectations of roughly 200 thousand, and revised the prior two months down by 19 thousand. The unemployment rate held steady at 5.0% based on a large decline in the number of persons employed (316 thousand) offset by a similar decline in the labor… Read More ›
The jobs report for March showed continuing strong payroll gains and an uptick in the unemployment rate (in a good way) but the most positive feature of the report was the increase in the labor force participation rate. The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 215 thousand in March and revised the prior two months down… Read More ›
The jobs report for February showed a strong bounce back from a soft January with upward revisions to prior months. In a separate report last week weak fourth quarter GDP growth was revised up slightly, and inflation has moved closer to the Fed’s 2% target in each of the last three months. Would an increase in the federal funds rate… Read More ›
The count of unfilled jobs in the overall construction sector increased significantly in December, even as hiring in the home building sector has grown. 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) increased to 207,000 in December from 138,000 in November. The December estimate solidly beats the previous… Read More ›
A soft jobs report: a bad month or a cold wind in the face of economic recovery? The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 151 thousand in January (from the survey of payrolls at establishments), an unexpected slowdown from prior months. Results from the household survey were more encouraging, showing the unemployment rate ticking down to… Read More ›
The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 292 thousand in December and revisions added 50 thousand to estimates for the prior two months. The household survey showed strong gains in both the labor force (466 thousand) and persons employed (485 thousand). The unemployment rate held steady at 5.0%. Three consecutive months of strong gains in both… Read More ›
A scarcity of workers has been a notable headwind for home building and other parts of the construction industry in recent years. And a look at Census data reveals that the median age of workers in the construction industry exceeds the median age of the overall labor force. As home building has recovered, there has been a significant labor market… Read More ›