Eye On Housing
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 count of construction job openings fell somewhat in June, albeit from an upwardly revised estimate for the month of May. Post-revision, the May count of unfilled construction positions was second only to the month of March. The number of unfilled jobs in construction remains high, even as hiring slowed for the residential construction sector in recent months. According to the… 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 ›
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. In July, both the University of Michigan Index of Consumer Sentiment and the Conference Board Consumer Confidence Index declined unexpectedly after the solid growth in June. Despite the monthly declines the indexes have… 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 ›
The number of open, unfilled construction sector positions remained elevated in March. Over the last few months, the construction labor market has experienced swings in the monthly count of new hires, as the share of open construction jobs has trended higher. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a… 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 ›
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 near future’s economy. Figure 1 shows both the University of Michigan Index of Consumer Sentiment and the Conference Board Consumer Confidence Index are highly inversely correlated with the unemployment rate. High unemployment drives down… Read More ›