164,000 jobs in July — good news for housing?

New housing construction. /Photo by John Greim/LightRocket via Getty Images

By Caroline Feeney | Forbes

The Labor Department’s much-anticipated July jobs report released Friday morning offers a mixed bag for real estate. The upside is that a tight labor market will continue to underpin the housing market like a safety net for now. However, a weak increase in construction jobs promises little relief for the ongoing housing shortage and affordability struggles first-time buyers face. 

According to the report, the U.S. labor market pulled off a solid, albeit not outstanding, performance in July with the addition of 164,000 new jobs. The unemployment rate held steady at 3.7%. Wage growth also increased one-tenth of a percentage point to 3.2%, exceeding expectations.

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