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The national unemployment rate eased from 6.7% in March 2014 to 6.3% in April 2014. While that figure is strong at face value, the decline was in part due to the departure of 806,000 workers from the labor force. Fewer workers implies fewer people earning incomes, spending, and buying homes. The decline in unemployment hints at a psychological boost, but the decline in people searching for work is troubling.
Locally this trend can have a strong impact on the housing market, as the connection between a new job, the choice to form a household, and the choice or ability to purchase a home are closely linked. Many of the markets facing a jobless recovery are in smaller markets in the Northeast and Midwest. Pennsylvania and New York each share three markets in this group.
Where does your market stand? For more information on recent trends in your state, see the Local Market Reports for the first quarter of 2014.
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