Employment improves in April
The Employment Situation Summary published by the Bureau of Labor Statistics indicated nonfarm employment rose during the month of April. Improving conditions in the job market and a better economy bodes well for the future of real estate. More individuals will likely become confident in their financial situation and may invest in a new home.
Total nonfarm employment opportunities increased by 223,000 during April. This is a continuation of a positive pattern that has occurred for three consecutive months. The improvement of employment opportunities available is good news for all individuals who are currently looking to enter the job market.
In addition, the report from BLS noted a rise in total employment for construction, health care and professional and business services employment.
Jobs in the construction industry increased by 45,000 over the course of the month of April. In the past year this sector added 280,000 new employment opportunities. A majority of the growth during April concentrated in specialty trade contracting positions with 41,000 new jobs in the field. This growth may have occurred due to the anticipated demand for housing and community development in neighborhoods across the nation as first-time buyers begin to move into the real estate market.
Health care employment also rose by 45,000. Hospitals, nursing and residential care facilities and ambulatory health care services employment accounted for a majority of the improvement.
An impressive 62,000 jobs were added in the professional and business services industry.
Income ticks up
The BLS report showed a $0.03 raise for all nonfarm private payroll employees and the average hourly earnings of employees increased 2.2 percent over the past year.
Continuing job growth bodes well for the economic future and the housing market. The Council of Economic Advisers indicated the BLS's employment situation reflects the steady growth and expected continual improvement of the economy.
Approximately 3 million new jobs became available over the course of the past year. The 62 straight streak of improving employment represents the longest recorded time of continual betterment.
A stronger national employment situation will likely encourage interested buyers to enter the market and purchase homes of their own. Additionally, jobs will bring more individuals to local markets and bolster them.
Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.