The following is NAR Managing Director of Housing Research Danielle Hale’s reaction to today’s August jobs report from the U.S. Bureau of Labor Statistics:
“2.4 million new jobs have been added since one year ago which bodes well for home sales in the year ahead. The pace of job additions seems to be slowing, but current job growth is sufficient to keep the unemployment rate at 4.9 percent. Most other household measure like the labor force participation rate and persons employed part time for economic reasons show little change.
Food services and drinking, social assistance, professional and technical business services were the biggest job gaining industries. While construction was little changed as a whole, residential construction jobs were added while non-residential construction jobs were lost. Other indicators of continued housing market strength are the jobs added in real estate and furniture and home furnishing stores.
This report is strong enough to show that the economy continues on track, but not so strong that the labor market shows signs of overheating.”