U.S. Market Recon – March 2021 • Alpha Real Estate Partners

Economy

Housing

The US economy grew in the past quarter, though not as strongly as it had previously. Unemployment is losing its upward momentum, with the headline rate ticking down to 6.2%. Workers’ earnings fell to $1,038/week this month, though the long-term trend is positive. Rental vacancies are trying to escape their downward trend, with the national rate ticking up to 6.5%. Home ownership is losing its upward momentum, with the national rate declining to 66%. Home building applications continue to rise this month and quarterly housing prices continue to rise a further 2.1%.

Employment

Unemployment
6.20%

Long Term Unemployed
41.50%

Participation
61.40%

Earnings
$1038

6.20% of the workforce is unemployed, which is
more than one year ago and an indication of a weakening economy.

Read the Bureau of Labor Statistics’ Employment Situation press release for more in-depth analysis.

Long Term Unemployment

41.50% of the unemployed have been out of work for 27 weeks or longer which is
more than one year ago and an indication of a weakening economy.

Labor Force Participation

61.40% of the population is participating in the labor force, which is
less than one year ago and an indication of a weakening economy.

See the BLS’s Labor Force Characteristics for more analysis.

Average Weekly Earnings

The average weekly earnings of full-time workers is
$1,038 ($53,994 annualized) which is
higher than one year ago and an indication of a strengthening economy.

See the BLS’s Usual Weekly Earnings press release for more analysis.

State Unemployment Rates