The following is NAR Chief Economist Lawrence Yun’s reaction to today’s November jobs report from the U.S. Bureau of Labor Statistics:
“Today’s November jobs report can be summed up as not bad, but not great. The good news is that 178,000 new job additions are positive enough for the Federal Reserve to raise the fed funds rate by a quarter point in a few weeks. It’s likely there will be two to three more rate hikes in 2017.
Looking at the details, there were fewer manufacturing jobs created last month. Furthermore, reflecting the growing preference to shop online, retail trade jobs were shaved and jobs at warehouses rose. Construction jobs are being added as the housing sector continues to show promising growth. A solid gain in accounting and other professional business employment is good news for office building owners.
Ultimately, today’s report highlights the importance of the real estate market recovery in the current economic cycle.”