MBA’s Mike Fratantoni on job numbers and housing
Today’s HousingWire Daily features an interview with Mike Fratantoni, the Mortgage Bankers Association’s Chief Economist and Senior Vice President of Research and Industry Technology. In this episode, Fratantoni discusses job growth and the nation’s latest unemployment rate, which is down to 6%, according to the U.S. Labor Department.
During the episode, Fratantoni delves into what factors contributed to the improvement in job growth and discusses the overall outlook for the nation’s job market and its likely impact on the housing industry.
Here’s a brief summary of HousingWire’s coverage of the latest U.S. unemployment situation:
After three months of mediocre gains, the U.S. unemployment situation brightened considerably in March. Total nonfarm payroll employment rose by 916,000 and pushed the unemployment rate down to 6%, according to the U.S. Labor Department. Sectors that were hit hardest by the pandemic led job growth last month, with jumps in leisure, hospitality, public and private education and construction – good signs for the housing industry.
The economy has recovered just over 62% of the jobs lost at the start of the recession and the Bureau of Labor Statistics estimates there are still 9.7 million unemployed persons – 4 million higher than at the beginning of Feb. 2020. Overall, there are approximately 4.2 million people who have been actively looking for work for more than six months.
However, March’s increase of nearly 1 million jobs contrasts dramatically with the job growth seen in February, when a mere 49,000 jobs were gained. The MBA expects this heightened pace to drop unemployment numbers to below 5% by the end of the year.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles related to this episode: