According to the NAHB, data from The Bureau of Labor Statistics reported a disappointing 126,000 new jobs in March, well below expectations.
This left the unemployment rate unchanged at 5.5 percent, and job gains in January and February were revised downward by a total of 69 thousand.
But is this weak performance a matter of weather? According to the National Oceanic and Atmospheric Administration, much of the U.S. was experiencing warmer weather in the second week of March compared to February, where temperatures were well below normal.
Hence, the NAHB reports that “the weakness in the payroll numbers was unlikely weather-related.”
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady