MetroIntelligence Economic Update by P. DUFFY
Employment growth fell to 209,000 in June, earnings up 4.4 percent year-on-year
Total nonfarm payroll employment increased by 209,000 in June, and the unemployment rate changed little at 3.6 percent. Nonfarm employment has grown by an average of 278,000 per month over the first 6 months of 2023, lower than the average of 399,000 per month in 2022.
Over the past 12 months, average hourly earnings have increased by 4.4 percent.
May job openings falls to 9.8 million and 1.61 unemployed per job
The number of job openings tracked fell to 9.8 million on the last business day of May, down 4.8% from April. The ‘overhang’ of open jobs to officially unemployed persons fell 20.1% to 3.7 million and the ratio of jobs/unemployed fell from 1.82 to 1.61. Job growth is slowing as the quits rate is generally declining (although it did rebound in May) and there are fewer open jobs to match with candidates.
Average U.S. home selling above asking price for first time in nearly a year
The average sale-to-list price ratio hit 100.1% during the four weeks ending July 2, marking the first time in nearly a year the average U.S. home is selling for more than its asking price. Additionally, the median home-sale price was down just $1,000 (-0.3%) from a year ago, when prices were near record highs. Redfin’s Homebuyer Demand Index–a measure of requests for home tours and other buying services from Redfin agents–is up 4% from a month earlier and near its highest level in over a year.