KEY MARKET INDICATORS as of August 15, 2017
July Jobs Report
The job market continued to grow in July. Employers added 209,000 jobs over the month. The unemployment rate fell slightly to 4.3%, the lowest level since early-2001. Wage growth remained slow at just 2.5% despite the economy being at full employment.
Job growth was again concentrated in just three industries, tourism (leisure and hospitality), education and health, and professional and business services, which added a combined 165,000 jobs in July. Hiring in construction added 6,000 jobs, with housing-related construction adding 7,000 jobs – offsetting small job losses in non-residential construction and infrastructure. Construction, along with professional business services are two of the fastest-growing industries in the economies in the past 12 months – growing at twice the rate as the U.S. economy overall. Employment in natural resources and mining has been a bright spot in the labor market, with mining employment up by more than 8%.
The job market continues to be very positive for potential first-time homebuyers. Unemployment rate for people in the primary homebuying age (25-34 and 35-44) was 4.1% in July, near the lowest point in the cycle.