Instant Reaction: Jobs, July 2, 2020

“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.

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.”