The latest Bureau of Labor Statistics report states that the U.S. economy added 211,000 jobs in April with the unemployment rate falling to 4.4 percent – the lowest rate since May 2007 – with the following implications for the houseing market:
- Job growth among young adults increased by 2.8 percent year over year which is good news for household formation and thus, the housing market.
- Much of the job growth was in full-time jobs are are drawing more adults back to the workforce
- Strong employment rates almost assures another interest rate hike by the Federal reserve, most likely in June. Analysts believe the rate hikes will continue to be gradual.
And beyond that, it remains to be seen.