September Jobs Report ‘Disappointed’ Economists as Labor Force Shrinks
The U.S. economy added 194,000 jobs in September, the slowest pace in more than a year, according to the Bureau of Labor Statistics.
October 8, 2021 2 MIN
The U.S. economy added 194,000 jobs in September, the slowest pace in more than a year, according to the Bureau of Labor Statistics.
An index measuring homebuilder sentiment rose in September, showing a more positive outlook for the new-home market, after three months of declines.
The pace of inflation, one of the key drivers of mortgage rates, eased in August as reduced demand resulting from a resurgence of Covid-19 infections offset some of the supply-chain bottlenecks created by the pandemic.
Inflation expectations among Americans in August rose to the highest ever recorded in the Federal Reserve Bank of New York’s survey of consumers while their outlook for home-price growth moderated.
Nonfarm payrolls increased 235,000, the slowest pace since January, as a Delta-driven resurgence of the pandemic kept many consumers at home.
A speech on Friday by Fed Chairman Jerome Powell had the potential of sending mortgage rates into gyrations. Instead, he soothed the markets.
The consumer sentiment index from the University of Michigan plunged 13.5% in August to 70.2, the gloomiest outlook since December 2011.
Housing starts rose in June but the number of permits dipped, reflecting the roadblocks homebuilders continue to face such as elevated lumber prices and supply chain issues.
The Consumer Price Index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday.
The U.S. economy added 850,000 jobs in June, the biggest gain in 10 months, boosted by hiring in retail and residential construction, according to a Labor Department report.
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
The evolution of remote work will play a role in determining future home-price growth, according to a report from NBER.
Homebuilder confidence declined to a nearly two-year low in May as higher mortgage rates discouraged buyers and inflation resulted in more expensive material costs for builders.
Soaring inflation rates along with elevated housing prices weighed on the minds of Americans.
