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Solid June Job Growth Should Fuel Rent Growth and Occupancy Rates

Digested from “June Job Gains Good Sign for Apartment Market”
Axiometrics (7/8/2015) Ehmann, Chuck

Although 223,000 jobs were added in June, bringing unemployment down to 5.3 percent, the civilian labor force decreased by 432,000 — negating gains in job growth and dragging civilian labor force participation down to 62.6 percent.

The greatest job growth occurred in retail (+32,900 jobs), food service and drinking places (+29,900), ambulatory health care services (+22,600) and temporary help services (+19,800). Sectors experiencing job loss included arts, entertainment and recreation (-4,000 jobs), mining and logging (-3,000), educational services (-2,400) and wholesale trade (-200).

Metro-specific job growth data is expected later this month, but little has changed month over month between best and worst performers. The highest gains for May occurred in New York, Los Angeles, Dallas, Atlanta and Houston, while El Paso, Texas, had the lowest growth. Greenville, N.C., saw negligible job growth, and Fayetteville, N.C., New Orleans and Akron, Ohio, saw job losses. 

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