{"id":48409,"date":"2016-05-06T08:29:14","date_gmt":"2016-05-06T15:29:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=48409"},"modified":"2020-10-06T17:08:17","modified_gmt":"2020-10-07T00:08:17","slug":"four-things-you-should-know-about-the-job-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/four-things-you-should-know-about-the-job-market\/","title":{"rendered":"Four Things To Know About the Job Market"},"content":{"rendered":"

Employers created 160,000 jobs in April, a pretty low number that disappointed economists. It was the slowest pace of job growth since September. \u00a0<\/span>
\nUnemployment remained steady, the <\/span>Labor Department<\/span><\/a> reported. Wages were up, but so were layoffs. In all, it was a lackluster month. Here\u2019s what it all means.<\/span><\/p>\n

Employers Aren’t Adding Enough Jobs<\/h3>\n

Yes, they\u2019re hiring, holding unemployment to 5 percent in April. But so far this year, employers have been reluctant to grow their payrolls. It\u2019s not terrible, it\u2019s just not good.<\/span><\/p>\n

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

Layoffs Are Up<\/span><\/h3>\n

It\u2019s been a bad spring for corporate earnings. Profit margins are down and executives are cutting costs. Employers announced <\/span>184,920 job cuts<\/span><\/a> in the first three months of the year, according to outplacement firm Challenger, Gray & Christmas Inc. Coupled with recent <\/span>stock market volatility<\/span><\/a>, that might give some homebuyers pause this spring. \u00a0<\/span>
\n\u201cLayoffs in 2016 are the highest they\u2019ve been in seven years,\u201d <\/span>Redfin<\/span><\/a> Chief Economist Nela Richardson said. “The U.S. is still adding jobs but people are now more at risk of losing them. This blunt fact is likely to hold off the Fed from increasing rates in June.”<\/span><\/p>\n

Fewer People Can Be Called ‘Workers’<\/span><\/h3>\n

Labor-force participation, which measures the share of people working or looking for work, has been falling since the recession and is now 62.8 percent, very close to the <\/span>37-year low <\/span><\/a>we hit last summer. <\/span>
\nWe can blame baby boomers for part of the decline–more Americans are retired these days and, by definition, aren\u2019t workers. But there are plenty of adults who should be working or at least looking for a job and aren\u2019t. <\/span>Joshua Shapiro<\/span><\/a>, chief U.S. economist at MFR Inc., called the trend \u201cworrisome.\u201d <\/span>
\n\u201cThe participation rates of younger and of prime working age people declined, which was more of a barometer of limited job prospects than of anything demographic,\u201d Shapiro wrote in a note to clients.<\/span><\/p>\n

\n
\"participation
Source: Bureau of Labor Statistics, labor-force participation rate<\/figcaption><\/figure>
\n<\/figure>\n

 <\/p>\n

Wages Are Rising<\/h3>\n

Here\u2019s the good news. Hourly wages climbed 0.3 percent from March and were up 2.5 percent from a year ago. People worked more hours, too, and in all had more to spend. <\/span><\/p>\n

The Upshot<\/h3>\n

The economy isn\u2019t terrible. We just want it to be better. And the silver lining for the housing market is that this slow growth has kept mortgage rates<\/a> near all-time lows. That\u2019s great for homebuyers and sellers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Payrolls grew at the slowest pace since September. Wages were up, but so were layoffs. <\/p>\n","protected":false},"author":13355,"featured_media":48481,"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":[32,19],"coauthors":[],"class_list":["post-48409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-politics"],"acf":[],"yoast_head":"\nFour Things To Know About the Job Market - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Payrolls grew at the slowest pace since September. 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