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【World Property Journal】Jobs Blowout! U.S. Housing Industry Reacts to Record 4.8 Million New Jobs in June

【World Property Journal】Jobs Blowout! U.S. Housing Industry Reacts to Record 4.8 Million New Jobs in June

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In a big surprise this week, U.S. employers added a much-larger-than-expected 4.8 million workers to payrolls last month. According to data from the Bureau of Labor Statistics, the U.S. unemployment rate also fell to 11.1 percent.
Market reaction was swift from U.S. housing industry association experts on the surge in job creation in June 2020.
NAR Chief Economist Lawrence Yun commented on the June job number with the following; "The country is undergoing extraordinary times and extraordinary movement is happening in the jobs data. The near 5 million job additions in a single month in June is off-the-chart the best ever by a wide margin, and comes on top of 2.7 million job gains in the prior month. However, much more needs to occur to overcome the 20 million job losses in April."
Yun continues, "Movement in the right direction is very encouraging nevertheless. The housing market is clearly in a V-shaped recovery and more home construction jobs need to be added. Commercial real estate, however, will lag far behind, especially for office and retail sectors."

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