The National Association of Realtor's chief economist Lawrence Yun's had the following comments to last week's U.S. Bureau of Labor Statistics March 2017 report on employment conditions, "The soft hiring seen in March is not too concerning and likely a single month aberration. The recent high levels of voluntary quitting, presumably because of better job opportunities elsewhere, will lead to strengthening wage growth."
Yun continued, "Housing demand still looks solid going forward. Housing supply, on the other hand, could be constrained further because homebuilders still face worker shortages despite construction employment gains holding steady in recent months."
According to Realtor.com senior economist Joseph Kirchner, last week's jobs report has good news showing the steady progress that we have made since the recession is continuing and that demand for housing will remain strong. Millennials and their parents are both finding jobs, wages are increasing - and there's still hope the kids can move out of the basement! Unfortunately, unless new home construction picks up, prices will continue to rise and inventory will keep dropping even faster.
March 2017 U.S. Job Report Highlights Included:
Compared to last month, employment is up by 0.07 percent and the unemployment rate is down from 4.7 to 4.5 percent.
The number of people with part-time work who prefer full-time work also decreased.
Compared to a year ago, employment is up by 0.65 percent and the unemployment rate is down from 5 to 4.5 percent.
Duration of unemployment has also decreased. Then number of workers with more than 27 weeks of unemployment is down a whopping 23.8 percent.
The number of discouraged workers, those who want to work, but have given up trying also plummeted, by 22.4 percent.
Last Friday's U.S. jobs report drew quick reaction from the real estate industry. The National Association of Realtors Chief Economist Lawrence Yun made the following comments on U.S. Bureau of Labor Statistics' February 2017 jobs report: