Job gains were solid in February, but revisions to the two previous months show that the U.S. Bureau of Labor Statistics (BLS) report overestimated growth by 167,000.
February added 275,000 jobs, posting another consecutive month of solid job growth, according to the latest Employment Situation Summary from the U.S. Bureau of Labor Statistics . Job growth was short of January's original tally of 353,000 jobs but above the revised number, which showed job growth was just 229,000. December and January combined were 167,000 lower than previously reported.
Home price gains have outpaced wage growth despite its resilience. Home prices now stand 5.5% above where they were this time last year, according to the most recent S&P CoreLogic Case-Shiller Indices report. The 10-city composite increased by 7% annually, up from a 6.3% increase in the previous month. At the same time, the 20-city composite posted a rise of 6.1%, up from a 5.4% increase in the previous month.
The sustained gain in wages and employment means that potential homebuyers, currently sidelined by affordability challenges, are likely to get little relief from high borrowing costs. However, there is one bright spot for first-time home buyers. President Joe Biden announced a plan during his State of the Union address on Thursday evening to help first-time buyers recoup high borrowing costs.
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