{"id":44349,"date":"2016-02-05T08:12:47","date_gmt":"2016-02-05T16:12:47","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=44349"},"modified":"2020-10-06T17:08:21","modified_gmt":"2020-10-07T00:08:21","slug":"the-economy-created-151000-jobs-not-great-but-well-take-it","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-economy-created-151000-jobs-not-great-but-well-take-it\/","title":{"rendered":"The Economy Created 151,000 Jobs. Not Great, But We\u2019ll Take It"},"content":{"rendered":"

Employers added 151,000 new jobs in January, weaker than most economists expected and the slowest pace of job creation since September.<\/span>
\nStill, today\u2019s <\/span>report<\/span><\/a> from the Labor Department isn\u2019t terrible given the snail-like pace of the economy lately. Unemployment fell to 4.9 percent, its lowest in eight years, even as more people joined the labor force.<\/span>
\n\u201cIt wasn\u2019t a great report, but considering dawdling fourth-quarter growth, I\u2019ll take it,\u201d Redfin Chief Economist <\/span>Nela Richardson<\/span><\/a> said. \u201cThe problem going forward is that the cities that are adding good jobs aren’t adding housing, worsening affordability.\u201d<\/span><\/p>\n

\"jobs
Source: Bureau of Labor Statistics<\/figcaption><\/figure>\n

Spotlight: Wages and Retail<\/h3>\n

Wages were up 2.5 percent from a year ago. That\u2019s decent, but some of it is explained by new <\/span>minimum-wage laws<\/span><\/a> that took effect in January and big retailers surrendering to political pressure to raise hourly pay.<\/span>
\nOn Jan. 1, Wal-Mart upped starting pay from $9 to $10 an hour. Next month, the retail giant will give 1.2 million more employees <\/span>a raise<\/span><\/a>, pushing average hourly pay to $13.38 for full-time workers. <\/span>
\nIn all, lower-paying retail, fast food and restaurant jobs accounted for nearly 70 percent of January\u2019s employment gains. And the surge in retail hiring–the biggest winner in January, with 58,000 jobs–might be a holiday overhang and short-lived, said <\/span>Chris Low<\/span><\/a>, chief economist at FTN Financial. \u00a0<\/span>
\n<\/span>
\n<\/span>\u201cSeasonal layoffs are increasingly delayed until February so stores can press sales on people who come in with exchanges and gift cards,\u201d Low said. \u201cLook for a big drop in retail next month.\u201d<\/span><\/p>\n

Upshot<\/h3>\n

More people are on the job or looking for work. Paychecks are getting bigger. <\/span>
\nFor the housing market, it\u2019s decent news. <\/span>Construction employment<\/span><\/a> continues to expand, albeit slowly, and the growth in pay could be the start of a pickup that encourages more homeownership down the road. Today\u2019s report doesn\u2019t give clear direction to the Fed, but we expect <\/span>mortgage rates<\/span><\/a> to stay pretty low this year.<\/span>
\n<\/span>
\nWages certainly aren\u2019t keeping up with higher home prices and builders aren\u2019t keeping up with demand, but we\u2019re making progress. It could be better, but it\u2019s not bad. <\/span>
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Today’s jobs report disappointed, but it wasn’t all bad news.<\/p>\n","protected":false},"author":13355,"featured_media":44350,"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":[32,74,39,19],"coauthors":[],"class_list":["post-44349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-new-construction","tag-politics"],"acf":[],"yoast_head":"\nThe Economy Created 151,000 Jobs. 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