Million-job economic recovery hits a huge setback
Experts said April would bring a MILLION new jobs!!!
Oopsies.
The recovery of America’s job market hit a pause last month as many businesses — from restaurants and hotels to factories and construction companies — struggled to find enough workers to catch up with a rapidly strengthening economic rebound.
Employers added just 266,000 jobs in April, sharply lower than in March and far fewer than economists had expected.
With viral cases declining and states and localities easing restrictions, the recovery from the pandemic recession has been so fast that many businesses have been caught flat-footed in the face of surging consumer demand.
Coverage in the AP said that nearly 3 million people are reluctant to look for work because they fear catching the virus, according to government surveys. This led to the Washington Post writing an op-ed that asks, “Is there a shortage of jobs or a shortage of workers?”
Economists and analysts had been expecting around a million jobs to be added on net in April, given the rising share of vaccinated Americans and relaxation of restrictions on business. Instead, employers created a measly 266,000 positions, the Bureau of Labor Statistics reported Friday.
Job growth for March was revised downward, too.
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Home Point looking to add 2,000 more broker partners
Home Point is hiring. A lot of brokers.
Home Point noted in its earnings last week that quarterly funded origination volume hit $29billion. That’s more than triple the volume from the first quarter of 2020, and up 23% versus the fourth quarter of 2020.
In the earnings call with analysts, Home Point CEO Willie Newman, said they worked with more than 6,000 broker
partners in order to hit those volumes, and “which highlights the significant success we've had in attracting brokers to our platform,” he said.
Newman added that the change in competitive dynamics in the wholesale channel starting early March (is that a side-eye at the Rocket/UWM broker battle?) has created a strategic opportunity for Home Point. This, he said, is evidenced by the accelerated pace at which the lender is engaging with brokers and adding them to the Home Point platform.
“We expect this pace to continue and are increasing our year-end target to 8,000 broker partners,” Newman said. “Once brokers are added to the platform, our in-market sales executives work closely with them to encourage usage and ensure they have a seamless mortgage transaction experience.”
[Read the full call transcript here.]
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Goldman Sachs: It’s official, housing is on fire — and we’re all out of water!!
If Goldman Sachs analysts are looking at your market, it’s either really good or really bad. And their assessment of US housing is that it’s good. Really, really good.
The U.S. housing sector is “on fire,” said Goldman Sachs in a note to clients, with new home sales and housing starts recently reaching their highest levels since 2006 and red-hot demand bringing the supply of homes for sale down to the lowest level since the 1970s.
The competition among buyers for limited inventory has sent prices soaring 12% over the last year, and that trend has legs beyond the
pandemic, according to new analysis from Goldman Sachs Research.
Even before COVID, demographic tailwinds and historically low mortgage rates had increased demand, and shifting preferences during the crisis have brought household buying intentions to the highest level in 20 years.
The supply picture offers no quick fixes, with homebuilders facing headwinds like a lack of available plots and shortages of construction workers.
Rapidly rising prices will do little to reduce affordability enough to unwind the supply-demand imbalance in the near term, according to GS Research’s analysis, and their modeling suggests home prices will continue to notch double-digit gains this year and next.
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