Can employment good news, be bad news for the Boston condo market?

• Job openings are over 11,000,000
• Jobless claims are under 200,000.
• The unemployment rate in America is 3.4%.

When we look at the history of U.S. economics, this week is one for the record books

As someone who professed early in the Covid-19 recovery that we would see 10,000,000 job openings — and the labor dynamics are much different now than what we saw in 2008 — it’s Van Gogh art week when I see all the data lines so positive this week. To have job openings this high, and jobless claims this low, with a 3.4% unemployment rate, it makes me smile like no other.

Now, on to the jobs report, which had some good news on the inflation front a well.

January jobs report

“Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today,” according to according to data released Friday by the Bureau of Labor Statistics. “Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting workers’ return from a strike.”

Boston condo mortgages

All this good news can spell trouble for the Boston condo for sale market. Positive jobs report sends mortgage rates higher.