Jobs are everything to an economy and the ultimate effective demand for real estate. When the Pandemic broke out in March 2020, the immediate effect was the loss of 22.4 million jobs in the next 60 days across the U.S.. Good news is that all but 6 million of those have brought back (numerically speaking), …Read more
Jobs are everything to the economy and ultimately effective demand for real estate of all types. Despite all-time record stimulus spending, there are still just two states, Utah and Idaho, with more jobs today than at any time in history, Four other states are within 1 percent of total jobs as of February 2020: Arizona …Read more
The U.S. added 943,000 net new jobs in July 2021 on a seasonally adjusted basis, the best gain seen since August 2020 according to the U.S. Bureau of Labor Statistics (BLS). This was slightly better than the 900,000 job gain consensus across Bloomberg’s survey of economists. June’s job growth was also revised upwards from 850,000 …Read more
Axioms are truths. If there is ever one complete truth it is that not everyone sees the future equally, nor do they consistently perceive the present. Proof in the statement takes only a glance at the latest forecast for residential interest rates from Fannie Mae and the MBA (F&M). As shown in the table, not …Read more
Want to know why we still have high unemployment despite a record number of job openings? Just read to the end. Jobs Are Everything Jobs are everything to the economy and the ultimate source of effective demand (purchasing power) for residential and commercial real estate. Period. Good news is that the U.S. had a record …Read more
The U.S. added 850,000 nonfarm payroll jobs in June 2021 according to the U.S. Bureau of Labor Statistics (BLS). Most jobs added monthly since August 2020 when 1.583 million jobs were brought back from the 22.4 million jobs lost in March and April 2020 at the onset of the pandemic The 880,000 job expectation from …Read more
Yesterday this Blog discussed state employment metrics for May 2021. See https://blog.stewart.com/stewart/2021/06/28/may-2021-state-job-metrics-in-a-recovering-pandemic-landscape/ Today the same metrics are presented but at the Metropolitan Statistical Area (MSA) level. While the U.S. has 392 MSAs, data are available for only 380 from the U.S. Bureau of Labor Statistics (BLS) based on seasonally adjusted data which allows comparison of …Read more
In March and April of 2020 the U.S. lost the most and greatest percentage of jobs in history due to the pandemic. The record federal government stimulus, however, muted the immediate economic impact and even resulted in the highest savings rate in the history of the country. Recovery is underway, but like the job losses …Read more
Yesterday this blog talked about state employment levels using fairy tale rhetoric. Today that discussion rachets down the to the Metropolitan Statistical Area (MSA) level. Reiterating from yesterday, imagine if the past 14 months had just been a bad fairy tale rather the most severe global pandemic in more than 100 years. But, that is …Read more
We could only wish the past 14 months had been a bad fairy tale rather the most severe global pandemic in more than 100 years. The U.S. lost 22.4 million jobs in 2020 in just March and April. That equates to 14.7 percent of all jobs, or 1-out-of-every-7. Good news is that the country has …Read more