The Monthly BLS Jobs Report – March 7, 2025:
- 151,000 jobs added. Private sector jobs increased 140,000 while government jobs increased by 11,000.
- Average Hourly Earnings increased 0.3%, a year-over-year gain of +4.1%, the highest in three months. Importantly, this continues to be well above the 2.9% year-over-year inflation rate as of 3.0% last month.
- What It Means: The jobs market continues to show strength with wages increasing above inflation. This makes the Fed less likely to cut interest rates in the months ahead.
CoStar reported that its value-weighted index of multifamily property prices fell 0.8 percent month-over-month in January, a setback after four months of reported increases. The index was down 0.9 percent year-over-year and down 23.5 percent from the peak.
Multifamily Market News 