Remove 2023 Remove Construction Remove Marketing Remove Transportation
article thumbnail

DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. Index values for most construction inputs are down from 2022 but remain above pre-pandemic levels. That could set the backdrop for a slower pace of construction.

article thumbnail

Are we seeing cracks in the labor market?

Housing Wire

The BLS jobs report data isn’t the best recession indicator, which we can all see since the recession of 2023 — forecast by so many — didn’t occur. Here are my three key points on the labor market recovery since I retired my COVID-19 recovery model on Dec. Does this mean the labor market is breaking? 9, 2020: 1.

Marketing 444
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Job gains exceed expectations in December

Housing Wire

economy in 2023, an average monthly gain of 225,000, according to the BLS. Even though the headline jobs numbers beat estimates, the internals of the jobs report show that the labor market is slowing down,” HousingWire Lead Analyst Logan Mohtashami said. “We Economists were expecting an addition of 170,000 jobs. That’s less than the 4.8

article thumbnail

Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

High inflation has reduced consumers’ purchasing power, which has led to weakened sales and construction across all 12 Federal Reserve districts. While home prices have started to inch down, more inventory is needed for a balanced housing market, the Federal Reserve Beige Book said. However, housing affordability worsened.

Inventory 375
article thumbnail

Jobs data shows the truth about the labor market

Housing Wire

today should be between 158 million and 159 million , or in a weaker labor market growth scenario, between 157 million and 158 million. Now let’s look at the labor market on all fronts from the data we got this week to get a comprehensive view of the labor market today. From the St.

Marketing 372
article thumbnail

What another strong jobs report means for the mortgage industry

Housing Wire

Since August 2023, the unemployment rate has hovered between 3.7% Job gains were most notable in the health care (+72,000), government (+71,000) and construction (+39,000) sectors. In March, employment continued to trend up in construction, adding 39,000 jobs month over month. month over month to $34.69 and were up 4.1%

Mortgage 268
article thumbnail

Strong jobs report suggests rate cuts won’t come ‘til summer

Housing Wire

Though all signs point to a cooling labor market overall, the economy picked up another 275,000 jobs in February. The jobs report on Friday is unlikely to convince the Fed that rate cuts are necessary when the Federal Open Markets Committee meets later this month, economists said. Job openings were essentially unchanged at 8.9