The long-term unemployed remained at 1.2 million, making up 18.7% of the unemployed. Meanwhile, participation in the workforce held steady at 62.5% for the third month running.
On the part-time front, the situation was relatively stable, with about 4.4 million people working part-time for economic reasons, such as reduced hours or the inability to find full-time work. Similarly, the pool of folks not actively looking for work but still wanting a job hovered around 5.7 million.
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Echoing the complex nature of the current labor market, National Association of Realtors (NAR) chief economist Lawrence Yun described the latest job figures as presenting a “mixed picture.” He pointed to stagnant home sales activity in 2023 as indicative of potential demand waiting on the sidelines, contingent on short-term improvements in mortgage rates and inventory.
“Job additions build up the long-term real estate demand for housing, retail spaces, warehouses, and hotel travel, but not necessarily for office spaces. The short-term timing of purchase is dependent upon mortgage rates and inventory availability,” Yun said.
Source: mpamag.com