This morning, Revelio reported that during the month of November there were a net cumulative 9,000 jobs lost. Revelio, like ADP, is calculating net job losses five out of the last seven months. If we break down the labor market by sectors, the majority of them saw a shrinking in their labor force. In fact 13 sectors lost a combined 230,000 jobs. The exception is education/health services which added 26,000 jobs last month and 436,000 Jobs in the last 12 months. Given Gen Z’s sour attitude toward education and the shrinking statistics of household formation, I’m pleasantly surprised that education is hanging in there as a top employer.
Real estate data compiler Meridian says homes are selling three days faster on average this year than last, down to 61 days from listing to closing. The median sales price has declined 0.4% to $415,000. This does not mean that home values are declining, merely that there are more smaller homes than larger homes selling. Both ICE and Case Shiller report that home values are up just over one percent in the last 12 months.
