Instant Reaction: August Jobs Report

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

“Job creation in July was a bit light at 156,000. The unemployment rate is very low, but has not yet meaningfully forced up wages. It has been a humdrum economy so far this year, seesawing between good to tolerable, yet certainly not great. Nonetheless, the 12-month job gains total still tops 2 million, and that will likely grow household formation and home buying demand. The job figures in July assures that interest rates will remain low for a longer period.”