Eye On Housing
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 ›
The March employment report disappointed most economists, casting some doubt on the strength of the labor market. The Bureau of Labor Statistics reported that payroll employment expanded by only 126,000 positions, with downward revisions totaling 69,000 for previously reported jobs gains in January and February. While the unemployment rate held steady at 5.5%, the downshift in the size of monthly… Read More ›
The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by a disappointing 126 thousand in March, well below expectations. Job gains in January and February were revised downward by a total of 69 thousand. The unemployment rate was unchanged at 5.5%. The question now is whether (weather) this is a one-off disappointment or a something more ominous. It’s… Read More ›
The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 295 thousand in February. Job gains in January were revised downward by 18 thousand and December was unchanged, bringing the average over the last three months to a healthy 288 thousand. The unemployment rate dropped to 5.5% from 5.7% in January, but the decline was dominated by labor… Read More ›
New NAHB research shows that while foreign-born workers represent a substantial component of the US construction labor force, accounting for almost 23 percent, their share is even higher in construction trades, reaching 28 percent. Concentration of immigrants is particularly high in some of the trades needed to build a home, like carpenters, painters, drywall/ceiling tile installers, brick masons, and construction… Read More ›
January is annual revisions month so the employment report is a little more complicated than usual, but a strong report nonetheless. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 257 thousand in January. Job gains in November and December were revised upward by a total of 147 thousand. The revisions to the establishment survey include late reporters… Read More ›
New NAHB research estimates the immigrant labor flow into the construction industry over the housing boom and bust years. The results show that more than 135,000 immigrant workers entered the US construction industry at the height of the housing boom in 2005. By 2011, the construction immigrant flow plummeted to a low of 23,000, highlighting the role of new immigrant… Read More ›