In great news for the U.S. economy, 242,000 jobs were added in February, with the unemployment rate flat at 4.9 percent, according to recently released Bureau of Labor statistics. This was well above market expectations of 190,000 new jobs, and the lowest unemployment level since May 2008.
According to realtor.com® Chief Economist Jonathan Smoke, the report bodes well for the housing market, which is driven by job creation.
“February’s employment situation report should strengthen consumer confidence,” says Smoke. “Additionally, the strong pace of job creation should lead to continued positive household formation. Combined with substantial pent-up demand for home purchases, we remain confident we will see the strongest spring buying season in a decade.”
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