While January's job growth figures are lower than initially predicted, causing concern among economists, the job market remains robust overall. The sectors of health care, retail trade, and social assistance have seen significant hiring, despite challenges faced by the mining and construction industries. The decrease in unemployment to 4.0% reflects the resilience of the job market. However, the impact of higher inflation and sustained job creation may lead to stable interest rates from the central bank, affecting prospective home buyers in the upcoming spring housing market.
Job growth over the past three months has averaged a gain of 237,000, likely above what can be sustained this year.
Although today's job report is generally positive, it actually offers up a mixed bag for the housing market.
Prospective home buyers will feel more confident heading into the spring housing market.
The central bank is likely to keep interest rates unchanged at its meeting in March.
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