{"id":38281,"date":"2015-11-06T10:20:38","date_gmt":"2015-11-06T18:20:38","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=38281"},"modified":"2020-10-06T17:08:25","modified_gmt":"2020-10-07T00:08:25","slug":"job-growth-is-strong-and-a-fed-rate-hike-is-likely-dont-fret-its-all-good","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/job-growth-is-strong-and-a-fed-rate-hike-is-likely-dont-fret-its-all-good\/","title":{"rendered":"Job Growth is Strong And a Fed Rate Hike Just Got More Likely. Don't Fret, It\u2019s All Good"},"content":{"rendered":"

Employers added a whopping <\/span>271,000 jobs<\/span><\/a> last month, more than anyone had predicted. Almost every sector of the economy improved, unemployment fell to its lowest since 2008, more people joined the labor market and wages are starting to rise.<\/span>
\nIn short, it was the best monthly jobs report we\u2019ve had in almost a year.
\n

\"housing<\/a>
Source: Bureau of Labor Statistics<\/figcaption><\/figure>
\nHiring improved in nearly every industry, with construction adding 31,000 jobs. <\/span>
\nThe happiest surprise was the increase in wages, which rose 2.5 percent from a year earlier, the biggest jump in six years. <\/span>
\n<\/span>
\nThat\u2019s good, but it\u2019s not good enough. We\u2019ve been stuck at about 2 percent wage growth since the recession ended in 2009. According to the <\/span>Economic Policy Institute<\/span><\/a>, a liberal-leaning think tank, worker pay should be growing by about 3.5 percent a year. <\/span>
\n
\"housing<\/a>
Source: Economic Policy Institute; BLS<\/figcaption><\/figure>
\nWages have a lot of catching up to do, and we still have too many <\/span>discouraged<\/span><\/a> and underemployed workers. But overall, we can\u2019t complain about today\u2019s report. It gives the Fed one more reason to raise rates in December.<\/span>
\n\u201cOctober has not been a good month for the nattering nabobs of negativity,” with auto sales, service sector growth and employment all coming in strong, said <\/span>Neil Dutta<\/span>, an economist at <\/span>Renaissance Macro <\/span>Research<\/span><\/a>. <\/span>\u201cThe U.S. labor market has given a green light to the Fed.\u201d<\/span>
\nA Fed rate hike doesn\u2019t necessarily mean mortgage rates will rise. Even if they do, a <\/span>gradual pickup<\/span><\/a> won\u2019t hurt the housing market. Remember this chart:<\/span>
\n
\"mortgage<\/a>
Source: Freddie Mac<\/figcaption><\/figure>
\nLorraine.woellert@redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Employers added a whopping 271,000 jobs last month, giving the Fed a good reason to raise rates next month. Don’t worry, mortgages are still really cheap and likely to stay that way for a while.<\/p>\n","protected":false},"author":13355,"featured_media":0,"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":[32,74,19],"dashboard":[],"coauthors":[],"class_list":["post-38281","post","type-post","status-publish","format-standard","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nJob growth? 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