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Instant Reaction: March Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics’ report on employment conditions in March:

“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.

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.”