Job Growth Too Slow for Housing Recovery
NEW YORK ( TheStreet) -- The recovery in housing is helping create jobs in the economy but anemic growth in overall employment is doing little for prospective homebuyers.
According to Trulia economist Jed Kolko, the latest July jobs report shows residential construction employment was up 4.5% year over year, outpacing national employment growth of 1.7%.
But the report also showed that young adults in the age group of 25-34 years are still struggling with unemployment. The employment rate in this category is 75%, well below the pre-bubble normal rate of 78%-80%.
Unless employment picks up in this category,
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