Instant Reaction: July Jobs Report

The following is NAR Managing Director of Housing and Commercial Research George Ratiu’s reaction to the U.S. Bureau of Labor Statistics release on the July employment situation:

“The employment report showed solid gains in July, with 209,000 net new payroll jobs. With the unemployment rate unchanged at 4.3 percent, the data points to continued strengthening of the labor market. The figures moved in tandem with the traditional summer season, showing employment gains in restaurants, professional and business services, and health care. The moves translate into continued demand for commercial office space. On the residential side, housing demand will keep inventory at very tight levels until additional new construction relieves existing pricing pressures.”

Source: NAR Newsline