For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
August Unemployment Drops as Economy Adds 173,000 Jobs
The U.S. economy added 173,000 jobs in August, and the unemployment rate dropped to 5.1%, according to the U.S. Bureau of Labor Statistics. Average hourly earnings for all employees rose by 8 cents to $25.09, compared to July’s 6-cent gain.
Economists had predicted a slightly higher level, as employment growth has averaged about 247,000 new positions per month. Economists are undecided on whether this will affect the Fed’s expected September rate increase.