KEY MARKET INDICATORS as of June 17, 2019
May Job Market Report
The U.S. job market disappointed in May, adding 75,000 jobs. Job growth for the previous two months were revised lower as well. For the year to date, job growth averaged 164,000 a month, which is well-below last year’s pace. This points to a slower economic growth this year. But the pace of job growth continued to keep the job market tight, with the unemployment rate unchanged at 3.6%. The tight job market continues to put pressure on wages this year, with wages growing at 3.1% from a year ago.
Job growth in May was led by professional and business services (+33,000), education and health (+27,000), and leisure and hospitality (+26,000). Four sectors – government, retail, information, and other services reported fewer jobs in May. Job growth in construction also proved disappointing, adding just 4,000 jobs in May.
Despite the slowdown, the job market remains favorable for potential first-time homebuyers. Unemployment rates for people in the primary homebuying age (25-34 and 35-44) was 3.1%, the lowest level since February 1970.
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Disclaimer: Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Genworth Mortgage Insurance and are subject to change without notice. Genworth Mortgage Insurance has no obligation to provide revised assessments and assumes no duty to update information in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, Genworth Mortgage Insurance cannot guarantee the accuracy of the information provided. Certain data discussed in this report is publicly available only on a time delayed basis. Genworth Mortgage Insurance strives to analyze data as it becomes available, but makes no representation that all data is reviewed immediately upon release.