Latest Unemployment Drop May Boost Housing

March 7, 2016

The economy is adding jobs, and that likely will bode well for the housing market in the coming months as consumers feel more confident about their earnings, economists say. 

With 242,000 jobs added to the U.S. economy in February, the unemployment rate is now at 4.9 percent, according to new data released by the Bureau of Labor statistics. The unemployment level is now at the lowest point since May 2008.

“February’s employment situation report should strengthen confidence,” says Jonathan Smoke, realtor.com®’s chief economist. “Additionally, the strong pace of job creation should lead to continued positive household formation. Combined with substantial pent-up demand for home purchases, we remain confident we will see the strongest spring buying season in a decade.”

Source: U.S. Bureau of Labor Statistics and “Unemployment Scrapes Lowest Level Since 2008,” RISMedia (March 6, 2016)