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kstinfo t1_j3765ci wrote

Key Points

Nonfarm payrolls increased by 223,000 for the month, above the Dow Jones estimate for 200,000.

Payrolls - read, people.

The unemployment rate fell to 3.5%, a decline of 0.2 percentage point and also better than the estimate.

Cool.

Wage growth was below expectations, with average hourly earnings up 4.6% from a year ago, below the 5% estimate.

More people working but for less.

Leisure and hospitality led job gains, followed by health care, construction and social assistance.

L&H - while everyone else is lagging behind the 'haves' still want to be catered to. Healthcare - need people to count their profits. Construction - materials may cost more but let's put one more breath into the bubble. Social Assistance - when the 'have nots' cannot be totally ignored.

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AstreiaTales t1_j37zv1r wrote

Building more homes is the exact opposite of a bubble

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OrderlyPanic t1_j39lnwn wrote

Housing is not in a bubble. This is not 2007, the US has chronically underbuilt since the great recession and we are seeing th results now. The sky high prices are from a genuine shortage. Younger millenials and older Gen Z want to ditch their room mates and/or stop living with their parents. There is no housing supply for them to do so. On top of that WFH has increased the demand for residential housing.

This is also not a shortage that will ease anytime soon. The market can't respond to the demand by building more units when building more units (where people want to live) is illegal. Take Charlotte NC for example, inside the city limits of this major city 86% of land that is zoned for housing is zoned only for single family homes. Recipe for shortage and car dependent sprawl.

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kstinfo t1_j3anoxv wrote

The bubble is all construction being targeted for high end buyers or tenants.

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