February Job Growth Much Better Than Expected
• Employment rose by 379,000 last month, which easily beat the Dow Jones forecast of 210,000.
• Economists believe this could be the start of a jobs boom, with employment growth of at least 500,000 for several months.
Economic Headlines
• Economists looking at vaccination data are finding very positive results.
• Weekly jobless claims rose slightly due to severe winter storms.
• The economy has been on quite a roll lately, and that’s without the proposed $1.9 trillion stimulus.
• Fed Chairman Powell expects inflation to rise as economic growth picks up, but doesn’t believe it will be a long-term problem.
• U.S. factory activity hit a three-year high in February.
• Service-sector activity slowed last month in the U.S.
• Productivity fell at its fastest pace since 1981 in the fourth quarter.
Real Estate News
• Mortgage activity slows, as rates hit their highest level since July.
• Construction spending reached a record high in January.
• Sellers are putting fewer homes on the market due to the rise in winter storms.
New York Update
• Business executives are very optimistic about NYC’s economic recovery.
• Manhattan office space availability just hit another record high.
• NYC will restart $17 billion in construction projects that were delayed by the pandemic.
• The key to selling a luxury home in Manhattan is being able to accept a loss.
