Excellent October Housing Report Is Good News For Employment

Let me just share the least volatile most leading component of the October housing report which is single family permits:

These made a new expansion high. The housing rebound, following lower mortgage rates, is firmly in place.

Additionally, both housing completed and under construction have also increased from recent bottoms. These aren’t as leading as housing permits and starts, but they correlate much more closely with residential building jobs, and they argue strongly that residential construction employment, a leading sector of the jobs market, is likely to continue to increase:

This was a very good report.

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