Today's jobs report shows a solid labor market, yet mortgage rates remain high due to stronger job data, emphasizing labor over inflation for rate decisions.
In December 2023, non-farm payroll employment surpassed 157 million, but as we progress in 2024, I expect job creation to stabilize between 140,000 to 165,000.
Job growth continues in health care and government sectors, but manufacturing jobs saw a decline, reflecting the impact of higher rates and rising costs.
The labor market is softening but not breaking, aligning well with my forecasts which indicate a need for a stable labor environment to lower mortgage rates.
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