We received a couple of reports on employment levels last week. The ADP Private Payroll report continued to show gains in hiring in the private sector. Their monthly gauge came in at 110K which was much better than market expectations of 101K.
In a separate report, the national Unemployment Rate fell from 9.1% to 9.0%. The total non-farm payroll gains were 80K which was below market expectations. However, the prior period was revised upward significantly.
Bright spots: Professional and business services up 562K in 2011. Hotel and restaurants up 344K this year. Health Care up 313K for the year. Retail Trade up 156K this year. And mining jobs are up 152K during the year.
What's not doing well? Construction, government, financial services, insurance and real estate.
ales of new homes rose in September after four straight monthly declines.
Obviously, housing demand is very closely tied to employment levels. While employment levels still have a long way to go, there is some improvement which is a positive for housing.
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