Markets & Economy

Jobs report points towards improving market conditions

Employment among construction workers and young adults increased

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Employment in November improved in several areas closely tied to housing, with residential construction employment and young adult employment in areas pummeled by the housing crisis all increasing, according to data released today by the Bureau of Labor Statistics. The economy added 8,400 residential construction employment jobs in the month of November, the largest month-over-month increase since July, Trulia Chief Economist Jed Kolko said, citing the report. Despite the improvement, he said that the number of construction jobs is still 37 percent below its housing bubble peak. Meanwhile, employment among an important pool of potential buyers also picked up in November. The jobs rate among 25- to 34-year-olds increased to 75.2 percent in November, up from 75 percent a month before, but still down from the 78 to 80 percent observed during the housing boom, Kolko noted. Finally, "clobbered metros," markets that Trulia says were hardest-hit by the housing collapse, also pos...