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Total nonfarm payroll employment rose by 559,000 in May, below economists’ predicted rate of 675,000 new jobs. According to the U.S Bureau of Labor Statistics, unemployment now stands at 5.8% – around 30 basis points lower than April and now at its lowest rate since the pandemic began. So what does that mean for the housing industry, and the likelihood the Fed will change course on monetary policy?

According to the government’s statistics, job gains were again concentrated in the service industry, which showed an increase of 489,000 jobs in May. Within this sector, the leisure and hospitality components sported the most robust job gains, posting an increase of 292,000 jobs, indicators that American life is creeping back to normal.