they aren't smart enough to predict low numbers then brag when they come in higher... thank God
Posted on 06/04/2021 5:38:07 AM PDT by PJ-Comix
Unexpected.....
Looks like the dollar is taking yet another beating on the news.
What’s additionally troubling is May should have been the start of peak construction season, I believe.
With inflation rearing its ugly head, what’s a business man to do?
If my cost for materials is rising, before I also raise my prices and potentially lose customers in a competitive environment, I would simply not hire as quickly as I might have otherwise.
It seems to me that we need to address inflation as soon as possible. The White House is doing nothing. Most of us older folks lived through the Carter years, and know how messed up inflation can be.
Sciutto made the mistake of taking the ADP estimate seriously. They are ALWAYS off, often by a huge margin. Yet their estimate gets reported every month and I’ve never seen a report that mentions their wild innaccuracy
It is because housing starts peaked in March. They were down in April. The price of lumber, plywood, osb and the scarcity of appliances, etc have put a lot of big construction projects on hold.
IF you can’t get doors, windows, appliances, electrical panels, etc there is no reason to start a new project.
In addition if you do not need to build something right now, people are now waiting. The price of lumber has topped out. It is starting to go down. Same with OSB & plywood. They will still stay historically high for the rest of the year.
cripes...this is a great jobs report...
Funny wat to present the facts. we don't need to create jobs, we have plenty of available jobs if we stop paying people not to work.
Interesting. What amazes me is demand for housing right now is straight fire. I live in FL in a newer, desirable neighborhood and every home that has sold the last 90-days it has ended in a bidding war with homes selling 10% or more over asking. What’s not so hot are tear-downs and fixer-uppers. There’s still demand for those, but it’s not remotely as high as demand for newer and/or move-in quality houses.
I’m not sure if people are just looking to park money in assets that have historically been safe in downturns (like houses), or if it’s this building material shortage you’re describing that is impacting demand on finished homes.
- The number of people classifying their unemployment as temporary fell to 1.8 million from 2.1 million.
- Weekly jobless claims continue to steadily decline, most recently sinking below 400,000 for the first time since March 2020.
- The unemployment rate fell to 5.8% from 6.1%
- The April payrolls count was revised to 278,000 from 266,000.
employment should pick up even more as states adios the bonus Unemployment benefit.
To be quietly revised even lower a month from now.
“Unexpected”
People are generally SHEEP.
They pig pile in at the top of every market.
It does not matter if the commodity is housing, OSB, tulips, stock market, etc.
Now is the time to sell a house. Not a time to buy.
Florida, AZ, SC, NH, ID, MT will all continue to benefit from the exodus from CA, IL, NY, CT, NJ and other liberal utopias gone bad.
What we are still seeing in the economy is the direct results of the things the Trump administration changed. Covid also increased the exodus from the big cities.
As covid fades, people will go back to NYC, Boston, Chicago, San Fran, etc.
Some will eventually decide that life in the country was not for them. Owning a house is work. It takes constant upkeep.
Own two houses is even worse. Unless you are wealthy.
As far as tear downs or fixer uppers that is always the case.
Most people do not want to do the work to rebuild a house.
Many people really have no idea HOW to even start.
In most cases they do not have the time to wait or the contacts/ability to get the project finished.
Also, banks do not want to give a loan to someone without any experience in construction.
Even people with experience are having a real hard time getting projects finished currently.
For example, I have been watching a house being rebuilt on the oceanfront here in NH.
They tore down the former house last August. They poured concrete and put up steel framing in the fall. They framed it up over the winter and put the roof and sheathing on. They finally got the windows last month from Pella. As of this past weekend, they still had not received the exterior doors. They started to put siding on the exterior walls that had all the windows in place. So, ten moths and the building envelope is still not sealed in. This is a multi million dollar project. It is probably not their only house. I would think they will be in the 2.5-3 million range all done and well over a year to finish.
It’s just the Summer jobs
It is always “Unexpected” when it’s a dem.
weird how that is...
they aren't smart enough to predict low numbers then brag when they come in higher... thank God
This is the reason why you shouldn’t have the interest rate linked to jobs. This pathetic jobs report will give ammunition to the fed to keep rates low and as a result increase inflation. Stagflation will be the result.
It’s all he knows he thinks it’s the normal way of things.
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