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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. Index values for December published last week.

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Job gains exceed expectations in December

Housing Wire

million increase of 2022. While this is below the job growth in 2021 and 2022, when the economy was rebounding from the sharp job losses in 2020, it is still a much higher pace of job growth than we had before the pandemic,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. With December’s numbers in, a total of 2.7

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

Housing Wire

The national unemployment rate ticked up for the first time in four months to 3.9%, its highest level since January 2022, but still below the full employment rate of 4%. Job gains occurred mainly in health care, government, food services, social assistance, transportation and warehousing. Job openings were essentially unchanged at 8.9

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May jobs report complicates things for the Fed

Housing Wire

since March 2022. Even though the pace of layoffs has picked up, many businesses, particularly in transportation, healthcare, and hospitality, continue to have strong demand for workers,” Mike Fratantoni , the Mortgage Bankers Association’s chief economist, said in a statement. The unemployment rate has remained between 3.4%

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Are we seeing cracks in the labor market?

Housing Wire

We should get back all the jobs lost to COVID-19 by September of 2022. Employment continued growing in government, health care, social assistance, and construction, while transportation and warehousing lost jobs. Job openings should get to 10 million. (We We eventually got to 12 million ) We’re now down to 8.8

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Stronger than expected job growth raises specter of more Fed hikes

Housing Wire

Employment in the construction industry was up by 20,000 jobs from October, thanks to large gains in nonresidential building (up 8,200 jobs) and residential specialty trade contractors (up 6,500 jobs). The latest JOLTS report suggests that the labor market supply-demand imbalance may be easing, albeit slowly.

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Solid job growth defies recession talk — for now

Housing Wire

Some Americans believed we entered a recession at the start of 2022; however, the jobs report for May came in at 390,000, dashing any hopes that this was the case and starting their weekend on a foul note. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing.