Improving jobs figures could bode well for housing

Private employment experienced its largest increase in three years in November, a positive sign that more consumers may soon gain the financial confidence to get moving again.

The national employment report from ADP Employer Services showed that private companies added 93,000 new jobs from October to November, especially good new considering the private sector added 82,000 new jobs the month before. It was the tenth consecutive month of employment gains, averaging 47,000 new jobs during that time period, said the report. Additionally, November's increase was the largest for any month since November 2007.

"It is just another sign of re-acceleration in the labor market. Some of the details suggest that there is a 60 percent chance that the government's payroll number could beat consensus," John Canally, investment strategist at LPL Financial, told Reuters.

Job gains were reported in the service-producing, goods-producing and manufacturer sectors, while the construction industry continued to report employment losses. Experts typically tie the strength of the jobs market to housing, noting that buyers usually won't pack their moving boxes until they have a steady job and financial security.

At the same time, that security may soon be out of reach for millions of Americans who will soon lose out on unemployment benefits. NPR reported that members of Congress failed to agree on an extension for long-term unemployment benefits this week, meaning those who have been jobless for up to 99 weeks will lose that source of income.
 

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