{"id":35643,"date":"2015-08-07T09:00:08","date_gmt":"2015-08-07T16:00:08","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=35643"},"modified":"2020-10-06T17:08:29","modified_gmt":"2020-10-07T00:08:29","slug":"job-gains-are-good-for-housing-market-anemic-wage-growth-not-so-much","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/job-gains-are-good-for-housing-market-anemic-wage-growth-not-so-much\/","title":{"rendered":"Job Gains are Good for the Housing Market. Anemic Wage Growth, Not So Much"},"content":{"rendered":"<div><a href=\"http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\">Job growth<\/a> was decent in July, with employers adding 215,000 workers to their payrolls. That&#8217;s a little below the 225,000 <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-08-07\/payrolls-in-u-s-increased-215-000-in-july-in-broad-based-gain\">economists<\/a> wanted to see, but it&#8217;s pretty good. The economy has created more than 200,000 jobs for three months running and unemployment is at 5.3 percent, the Labor Department reported today.<\/div>\n<div><a href=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/NFPjune2015.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-35649\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/NFPjune2015.png\" alt=\"NFPjune2015\" width=\"1021\" height=\"557\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/NFPjune2015.png 1021w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/NFPjune2015-300x164.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/NFPjune2015-768x419.png 768w\" sizes=\"(max-width: 1021px) 100vw, 1021px\" \/><\/a><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div>Still, wages aren&#8217;t keeping up. Workers are getting meager raises, if they&#8217;re getting them at all. In July, average earnings were up less than 2 percent from a year earlier. Too many people are still unemployed or underemployed, so employers don\u2019t feel a lot of pressure to increase pay.<\/div>\n<p><a href=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-35645\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe.png\" alt=\"wage growth\" width=\"975\" height=\"557\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe.png 975w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe-300x171.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe-768x439.png 768w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/a><br \/>\nConstruction employment was stagnant in July, too, a disappointing data point for the housing market, which is woefully undersupplied.<br \/>\n\u201cJob creation was healthy in July but wage growth was still anemic,\u201d <a href=\"https:\/\/redfin.com\/blog\">Redfin<\/a> Chief Economist Nela Richardson said. \u201cThere&#8217;s little in this report that counts as a big positive for housing, other than the steady drumbeat of moderate job creation. Even that is tempered by the fact that many new jobs still are in low-wage sectors.\u201d<br \/>\nAnother key measure of employment, <a href=\"https:\/\/redfin.com\/blog\/2015\/07\/heres-the-other-story-in-todays-jobs-report-americans-are-dropping-out.html\">labor force participation<\/a>, held steady in July at 62.6 percent after falling in June. The figure measures the share of Americans who are working or looking for a job, and it\u2019s at its lowest since 1978, when John Travolta was a <a href=\"http:\/\/www.imdb.com\/title\/tt0076666\/\">disco king<\/a> and gas cost about 60 cents a gallon.<br \/>\nParticipation is low in part due to baby-boomers retiring. But younger workers are dropping out, too, a \u201cworrisome\u201d barometer of limited job prospects, said Joshua Shapiro, chief U.S. economist at economic consulting firm\u00a0<a href=\"http:\/\/www.mfr.com\/\">MFR, Inc.<\/a><br \/>\nIn all, most economists think today\u2019s report probably has the Federal Reserve on track to raise interest rates when they meet in September, according to <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-08-07\/september-rate-rise-stays-in-play-as-job-market-meets-fed-s-test\">Bloomberg<\/a>. It would be the first rate hike in nine years.<br \/>\n<strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">1.\u00a0<a href=\"https:\/\/redfin.com\/blog\/creating-an-at-home-workspace\">Creating an At-Home Workspace: A Guide for Remote Employees<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">2.\u00a0<a href=\"https:\/\/redfin.com\/blog\/child-safety-guide-moving-from-urban-to-rural\">Child Safety: Making the Move from an Urban Area to a Rural One<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">3.\u00a0<a href=\"https:\/\/redfin.com\/blog\/storm-spotting-for-children\">Storm Spotting for Children: At-Home Meteorology<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Job growth was decent in June, but wages are still stagnant. While the economy continues to chug along, in all there was no really big positive for the housing market in today&#8217;s employment report.<\/p>\n","protected":false},"author":13355,"featured_media":35645,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-35643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Job Gains are Good. 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In all, there was no big positive for the housing market in today&#039;s employment report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/job-gains-are-good-for-housing-market-anemic-wage-growth-not-so-much\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-07T16:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T00:08:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/08\/yoy-ahe.png\" \/>\n\t<meta property=\"og:image:width\" content=\"975\" \/>\n\t<meta property=\"og:image:height\" content=\"557\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Lorraine Woellert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lorraine Woellert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/job-gains-are-good-for-housing-market-anemic-wage-growth-not-so-much\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/job-gains-are-good-for-housing-market-anemic-wage-growth-not-so-much\\\/\"},\"author\":{\"name\":\"Lorraine Woellert\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/6395c928950a61ee52bf19341000cfd7\"},\"headline\":\"Job Gains are Good for the Housing Market. 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She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/35643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=35643"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/35643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/35645"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=35643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=35643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=35643"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=35643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}