Instant Reaction: March Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics (BLS) report on the employment situation in March:

“The March jobs report was a bit soft, and first quarter GDP growth rate also looks to be weak. Heavy snow in parts of the country, and the uncertainty related to potential trade war, may be (as of now) hindering companies from hiring.

Although fewer people worked in construction in March because of the unusually cold wintry weather, job openings in the construction industry do remain at a historic high. If home builders can readily fill those jobs, then home construction significantly ramps up, and thereby brings more housing inventory to the market. 

Looking ahead, 3% GDP growth does look easily possible in upcoming quarters, with more construction jobs leading to more job creations in other segments of the economy.”