Job Growth Bounces Back in November - Week of December 8th 2024

U.S. job growth bounced back in November

After a dismal report for October, job gains were strong in November with 227,000 jobs added to the U.S. economy on a seasonally adjusted basis. It outperformed the consensus expectations of approximately 200,000 jobs.

October’s report of 12,000 jobs added, which was revised up to 36,000 jobs, was influenced by special circumstances related to two hurricanes, a strike by Boeing workers, and a short survey collection period. In total, job gains for the prior two months were revised up by 56,000 jobs.

Job creation is one of the biggest drivers for housing demand, including multifamily. Job growth in 2025 is likely to resemble a pace like the past six months, which has been 143,000 jobs added per month. With lower levels of new supply, and many markets already on the upswing, national average effective rent growth should trend closer to 3% by the end of the year.

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