Employment for Young Renters and Homebuyers Remains Sluggish

While unemployment fell to a five-year low in September, hitting 7.2 percent, down .01 percent from August, non-farm payrolls rose by only 148,000 jobs. Says Paul Ashworth of Capital Economics, “The unemployment rate keeps edging lower, but the Fed seems to be more focused on the drop-off in the pace of monthly payroll gains. Given the government shutdown, October’s payrolls are likely to be weak too. That means unless November’s gain turns out to be over 250,000 jobs, it now looks like the Fed could delay tapering until early next year.” As HousingWire informs MHProNews, while residential construction employment is up five percent year over year, only 75 percent of the millennial generation is employed. Jed Kolko, chief economist with Trulia, says, “Without a job, young people are much more likely to live with their parents instead of becoming renters or homebuyers.” Job growth in the hardest-hit metropolitan areas fell 1.6 percent Aug. 2012 to Aug. 2013, compared to national job growth of 1.7 percent for the same 12 months.

(Image credit: photobucket–flatline)

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