The Bureau of Labor Statistics Dropped the Ball Again!
This is a massive understatement. The BLS has done it again. They just discovered that, “oops”, during the last reporting year from April 2024 to March 2025 (10 months of Biden, 2 months of Trump) that the economy actually produced a staggering 911,000 fewer jobs than they previously reported! This is on top of the over 800,000 jobs that disappeared the previous year.
Folks, job creation is one of THE primary markers for policymakers to make accurate, well-informed decisions about the economy. These massive revisions make that impossible. Heck, I use these things to assess the market and to advise my clients. The Fed uses this information to implement monetary policy and interest rate moves. It’s very likely that armed with this information, they would have made moves to drive interest rates down earlier in the year, and we all know what an impact those have on our housing market. President Trump was right to fire the BLS commissioner, and let’s hope the reforms the administration is implementing result in accurate numbers, no matter what they mean politically.
The silver lining is that the Fed was expected to make a rate cut this month, and likely one or two more before the end of the year. This pretty much ensures that, and while the Fed rate does not link directly to mortgage rates I believe we can look forward to some lower rates in the fall and winter, which will be very welcome by all.
Call and let’s discuss what the prospective interest rate market means for you as either a buyer or a seller in the coming two quarters.
It’s a good life.
Chris
