Any of you who’re regular readers have heard me talk of the benefits to the housing market when unemployment drops. Well, it’s down again and the results continue great! Read on for details.
• Today’s national employment report from the U.S. Bureau of Labor Statistics reported an increase of 164,000 jobs in April, which continues tight labor market conditions. The unemployment rate fell to 3.9 percent, the lowest level since December 2000.
• The positive indicators in the report are continued job growth across various sectors and diminishing labor-market slack among workers employed part-time who report wanting full-time work.
• Wage growth was somewhat disappointing, though some sectors are seeing solid gains, particularly financial services, information, and construction. Nevertheless, some industries that have added relatively more jobs each month — such as education and health services, retail, and professional and business services — are seeing relatively slower wage growth. Overall, average hourly wages increased by 2.6 percent from a year ago.
• Importantly, the manufacturing and construction sectors continued with robust job growth, adding a combined 41,000 positions despite concerns over trade wars and tariffs on steel and aluminum. However, the motor vehicles and parts industries posted job losses, which could be an area of concern resulting from trade discussions.
• The sectors that added the most jobs in April included professional and business services, up by 54,000 jobs; health care, up by 29,300 jobs; manufacturing, up by 24,000 jobs; leisure and hospitality, up by 18,000 jobs; and construction, up by 17,000 jobs. Three sectors lost jobs in April: wholesale trade, government, and motor vehicles and parts — down a combined 900 jobs.
So, if this news has you thinking about selling or buying, you need to give us a call. We can advise you to your best advantage. The numbers are: Peter: (415) 279-6466; and Jane: (415) 531-4091. Give us a call. You’ll be glad you did!