The Bureau of Labor Statistics’ employment situation report for May signals good news for the housing market, as the unemployment rate hits an 18-year low, and hourly wages continue to increase.
Yesterday, the Bureau of Labor Statistics released the employment situation report for April. Here are the highlights. Total non-farm payroll jobs increased by 164,000 in April. In fact, total non-farm payroll jobs have now increased every month since October 2010. Since that date, the U.S. economy has added more than 17.5 million jobs. The unemployment rate edged down to 3.9 percent, a 17-year low, in April and average hourly earnings are up 2.6 percent over a year ago for production and non-supervisory employees. So, why would an uptick in wages matter to a housing economist? Read on.