Weekly Economic Report 03.11.19

KEY MARKET INDICATORS as of Mar 11, 2019

Job Market Report (Feb), Housing Starts (Jan)

Job Market: The U.S. job market added just 20,000 jobs in February, its slowest pace since September 2017. However, the labor market continued to be tight, with the unemployment rate falling from 4% to 3.8%. Wage growth continued to accelerate for both production workers and managers. Many sectors of the economy reported weak or negative job growth in February. The construction sector in particular, saw a reduction of 31,000 jobs in February. Despite weaker growth in the broader job market, employment growth in the 25-44 age group remains robust at around 2%, which is a positive for housing demand among younger households.

Housing Starts: Housing starts rebounded in January, increasing 18.6% to 1.23 million units (seasonally adjusted annual rate). The single family segment reported 926,000 new units, the highest level since last May. Over the last 12 months, the single-family housing starts expanded by around 5%.

Jobs in February

Tian Liu, Genworth Mortgage Insurance Chief Economist
tian.liu@genworth.com
919 807.9584

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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. 

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