May 5, 2017

U.S. Job Growth Rebounds Strongly From the First Quarter in April

The U.S. unemployment rate fell to its lowest level in nearly a decade in April. Pacific Union Chief Economist Selma Hepp takes a look at the latest job numbers and trends.

  • The U.S. economy added 211,000 jobs in April while the unemployment rate fell to 4.4 percent, according to data released today by the Bureau of Labor Statistics. The unemployment rate is now at its lowest point since May 2007, which was also the lowest it reached during the prior expansion. After revisions, the first quarter showed 6,000 job losses, and monthly additions have averaged 185,000 so far this year, nearly matching the pace of growth in 2016. Job numbers for the first three months of this year were affected by weather and seasonal patterns, particularly the Easter holiday. Easter came at the end of the April survey week, which impacted retail and hospitality employment in March and set the table for a strong rebound in April, particularly in the hospitality sector, which added 55,000 jobs. About half of the increases in hospitality jobs were in restaurants and drinking establishments.
  • Job growth among young adults has increased by 2.8 percent year over year, the second strongest gain over the past 20 months. Job growth for young adults is critical for household formation and consequently the housing market.

 

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(Promotionial image: iStock/ismagilov)


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the ninth largest residential real estate brokerage in the U.S. based on 2015 sales volume of $8.22 billion. Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. The Mark Company benefits from an enriched leadership team, innovative technology and added global reach through its affiliation with Christie’s International. For more information, please visit www.themarkcompany.com.