The
housing
industry
has
watched
employment
numbers
closely,
as
many
expect
that
the


Federal
Reserve
is
waiting
to
see
the
jobs
market
crack
before
cutting

interest
rates
that
have
stymied
the
housing
market
since
the
summer
of
2022.

The
strong
numbers
will
likely
keep

mortgage
rates
high
for
now.
The
wild
card
is
President
Donald
Trump’s

trade
war,
which
has
raised
fears
of
rising
unemployment
and
even
a
recession.
The
trade
war’s
impact
has
not
yet
circulated
through
the
economy,
so
any
effects
on
employment
have
yet
to
land.

“There
are
so
many
crosscurrents
in
the
current
economy,
making
it
hard
to
predict
how
employers
would
respond,”


Bright
MLS
chief
economist
Lisa
Sturtevant
said
in
a
statement.
“It
is
possible
we
will
see
more
of
a
pullback
in
hiring
in
May
and
June.
In
addition,
some
businesses
may
have
ramped
up
hiring
in
April
in
expectation
of
future
impacts
of
tariffs.”

The
report
has
different
implications
for
specific
job
sectors.
Federal
government
employment
declined
by
9,000
positions
during
the
month,
showing
that

Trump‘s
and

Elon
Musk’s
attacks
on
the
federal
workforce
are
having
an
impact.

Employment
in
the
transportation
and
warehousing
sector
increased
by
29,000.
Employment
in

construction
also
increased,
and
about
10,000
new
jobs
were
created
in
the

real
estate
sector
as
a
result
of
rental
and
leasing
activity.
The
manufacturing
sector
—
which
Trump
said
would
boom
due
to
tariffs
—
remained
flat.

The
implications
of
the
jobs
report
on
the

housing
market
are
primarily
related
to
mortgage
rates,
and
the
likelihood
that
they
stay
high
is
a
negative
compounded
by
other
factors.

Consumer
confidence
has
taken
an
epic
dive,

falling
by
32%
since
January,
which
is
taking
a
toll
on
demand
for
housing.
According
to
a
survey
from


Redfin,
24%
of
respondents
are

canceling
plans
to
make
large
purchases
like
homes,
while
another
32%
are
pausing
their
searches.