The U.S. added 164,000 jobs in July. Is this good news for housing?
July jobs report
According to the report, the U.S. labor market pulled off a solid, albeit not outstanding, performance in July with the addition of 164,000 new jobs. The unemployment rate held steady at 3.7%. Wage growth also increased one-tenth of a percentage point to 3.2%, exceeding expectations. Even so July marks 106 straight months of job gains and cements the longest period of economic expansion in U.S. history. The historically low jobless rate means the vast majority of people who want jobs right now can get them, and those who lose their jobs should be able to find another one quickly. Job security props up consumer confidence, fuels home buying demand, and protects the overall stability of housing. to reckon with, as concerns of another inventory drought loom.
This is in part due to the rate-lock effect that encourages more homeowners to stay put versus sell and an increased desire among older generations to age in place.
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