Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
InvestmentsReal Estate

The Big Miss: Jobs plummet far below expert predictions

U.S. unemployment rate also drops

Wednesday ADP reported a jobs increase of 263,000, but given the report’s spotty record, Brent Nyitray, iServe Residential Lending director of capital markets, explained the street was expecting an increase of 178,000.

These predictions were far from the true number.

The total nonfarm employment increased by 98,000 in March, according to the U.S. Bureau of Labor Statistics. This is down significantly from February’s strong increase of 235,000.

The unemployment rate decreased by 0.2 percentage points to 4.5% in March as the total number of unemployed dropped 326,000 to 7.2 million people. The labor force participation rate held steady at 63%.

Here are where some of the changes in March’s labor market occurred:

Professional and business services: Increased 56,000

Mining: Increased 11,000

Healthcare: Increased 14,000

Financial activities: Increased 9,000

Construction: Increased 6,000

Retail trade: Decreased 30,000

Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, information, leisure and hospitality, and government, showed little or no change over the month.

As this shows, construction did not receive ADP’s predicted boost of 50,000 new jobs. Inventory of homes for sale continues to dwindle as the market hurts for more construction workers.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please