{"id":45768,"date":"2016-03-04T08:20:32","date_gmt":"2016-03-04T16:20:32","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=45768"},"modified":"2020-10-06T17:08:19","modified_gmt":"2020-10-07T00:08:19","slug":"jobs-report-employers-are-hiring-they-just-need-to-pay-more","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/jobs-report-employers-are-hiring-they-just-need-to-pay-more\/","title":{"rendered":"Jobs Report: Employers Are Hiring, They Just Need to Pay More"},"content":{"rendered":"

There was a lot to like in February\u2019s jobs report. Employers added 242,000 workers to their payrolls, more than economists had anticipated. More people joined the workforce, a sign of confidence in the labor market and the economy, and unemployment held at 4.9 percent.<\/span>
\n<\/span>
\n<\/span>We\u2019ve had a good run of strong job creation for a while now, which has boosted demand for homes and apartments, pushing up the cost of both.<\/span>
\nWhich brings us to the bad news. Even though hiring is brisk, wages aren\u2019t going up as fast as they should be and February\u2019s job surge didn\u2019t translate into higher pay. In fact, average wages fell 0.1 percent from January, according to the <\/span>Labor Department<\/span><\/a>, the first month-over-month decline since December 2014. The economy isn’t getting the same bang for the buck from job creation as it it used to.<\/span>
\n<\/span><\/p>\n

\"jobs<\/figure>\n

So we have a dilemma. With houses in high demand, the cost of homeownership is rising in most of the country, but incomes aren\u2019t keeping up.<\/span>
\nHousing demand has outpaced supply since early 2015, when inventory began to drop sharply, fueling strong price growth. In January, the <\/span>median home sale price<\/span><\/a> was up 7.7 percent from a year earlier. By contrast, wages grew about 2.2 percent last month from the same time last year. <\/span>
\n\u201cHeadline job growth is old news. The real story is wages. They\u2019re stuck,\u201d Redfin chief economist Nela Richardson said. \u201cThe mismatch between fast-growing home prices and slow-growing incomes continues to be a huge obstacle for would-be buyers.\u201d<\/span><\/p>\n

What about interest rates?<\/h3>\n

Federal Reserve policymakers raised short-term interest rates<\/a> in December for the first time in seven years. As they prep for their March 16 meeting, they\u2019re watching employment data for signs of strength or weakness in the economy. A healthy economy would give them a reason to raise rates again, but today\u2019s report gave conflicting signals at best.
\n\u201cThey\u2019re seeing strong job growth and in normal times that would be an automatic reason to raise interest rates,\u201d Richardson said. \u201cBut behind the hiring there\u2019s little wage inflation. The headline number is saying yes but the wage number is saying no way.\u201d
\nNo one expects the Fed to raise short-term interest rates this month, and today\u2019s report strengthened that consensus<\/a>. For now, Janet Yellen & Co. are still playing it by ear, with no data-driven path to a rate increase.
\nDon\u2019t forget, the Fed doesn\u2019t control mortgage rates<\/a>, though they can influence them. Home loans are still cheap and probably will stay that way for a while.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019ve had a good run of job creation, which has boosted demand for homes and apartments. Which brings us to the bad news.<\/p>\n","protected":false},"author":13355,"featured_media":45771,"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":[],"coauthors":[],"class_list":["post-45768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"\nJobs Report: Employers Are Hiring, They Just Need to Pay More - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"We\u2019ve had a good run of job reports, which has boosted demand for homes and apartments, pushing up the cost of both. 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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\/45768","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=45768"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/45768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/45771"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=45768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=45768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=45768"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=45768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}