Real Estate Magazine - Highlands Sotheby's International Realty - July 2021

Page 81

TRENDS & ISSUES

Employment Trends Index Increases in May

F

ollowing an increase in April, The Conference Board Employment Trends Index™ (ETI) significantly increased in May. The index now stands at 107.35, up from 104.31 (a downward revision) in the previous month. The index is currently up 39.4% from a year ago.

The takeaway: According to Gad Levanon, head of The Conference Board Labor Markets Institute, “In the past three months, the Employment Trends Index grew much faster than any other three-month period in the history of the index prior to the pandemic. This marked acceleration suggests historically strong job growth in the coming months.” May’s increase was driven by positive contributions from all eight indicators used to compile the index. From the largest positive contributor to the smallest, the indicators were:

The index is currently up 39.4% from a year ago. Initial Claims for Unemployment Insurance; Percentage of Respondents Who Say They Find “Jobs Hard to Get”; Industrial Production; Percentage of Firms With Positions Not Able to Fill Right Now; Job Openings; Real Manufacturing and Trade Sales; Number of Temporary Employees;

and Ratio of Involuntarily Part-Time to All Part-Time Workers. What it means: The current data also reinforces the trend toward growing labor shortages. “Forty-eight percent of firms reported an inability to fill positions in May’s NFIB survey—an all-time record,” says Levanon. “The labor shortages are causing wage growth to surge. Average hourly earnings in the past two months rose by 7.4% (annual rate), which is two to three times the typical growth rate in recent decades. If the current rate of wage growth continues for several more months, it could significantly impact inflation and monetary policy. Toward the end of 2021, labor shortages are likely to ease as some of the labor supply constraints moderate.” RE For more information, please visit www.conference-board.org.

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“In 2019 I went to the RE/MAX teams event and R4 Conference held in Las Vegas. At the teams event, I first saw a presentation by Verl Workman. My wife and I watched intently as Verl called up someone from the audience and was interviewing them about their business. He then started identifying things that could improve and also established the agent’s mindset. We were just floored by how quickly Verl was able to identify and give advice to correct some of the obstacles this particular agent was facing.” —Jason Crosslin, Keller Williams – Mt. Juliet, TN

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RE: Real Estate—The REACH

3min
pages 106-108

Service Profiles

43min
pages 94-105

Verl Workman – Hey, Alexa

2min
pages 92-93

Power Team Profile – High

4min
pages 90-91

Christian Barnes, Better Homes

11min
pages 86-89

Kurt Schuler, Schuler Bauer Real Estate ERA Powered

2min
page 85

Verl Workman – Empower

2min
page 82

Matt Farrell, Corcoran Urban Real Estate

2min
page 83

Cameron Keegan, RE/MAX

2min
page 84

Employment Trends Index Increases in May

2min
page 81

Realtor.com®: Listings Down Inventory Up

1min
pages 78-80

Laura Croll – Helping, Having Fun, Growing and Making Money

2min
page 77

Dan Steward – New

2min
page 76

Frank Chimento – Was Real

2min
pages 74-75

Ashley Bowers – Expect More

2min
page 72

Allen Alishahi – Consumers Are

2min
page 73

Michael Minard – Tech

2min
page 71

Olivia Mariani – How to

2min
pages 69-70

Dave Karoly – The Most

2min
page 68

Adam Long – Don’t Skip the Home Inspection!

2min
page 67

Sue Yannaccone – Defining

2min
page 66

Daniel Ramsey – The Current

2min
page 65

Customizing the Client Experience From Beginning to End

4min
pages 62-64

Rebound in Sight for Urban Rental Market, Experts Say

4min
pages 56-57

Powerful Tech Tools That Give REALTORS® a Competitive Edge

3min
pages 54-55

Transcending the Barriers Between Real Estate and Mortgage

4min
pages 52-53

Real Estate Webmasters

3min
pages 44-45

Reshaping Franchising for the Future

13min
pages 46-51

HSASM Home Warranty

3min
pages 41-43

Terri Murphy – Are You

2min
page 34

Verl Workman – Are You

2min
pages 35-36

The Experts at McKissock

2min
pages 37-38

Cinch Home Services: Going

3min
page 39

Homes.com: A Support System for Success

2min
page 40

Sherri Johnson – How to

2min
page 32

Darryl Davis – When the Listing Appointment Doesn’t Go Your Way

2min
page 33

Buffini & Company – Building

2min
page 31

Women in Real Estate: Christy

2min
pages 16-18

Great Spaces

1min
pages 21-22

Policy & Legal Matters

2min
page 23

REBAC Report: Boosting Your Agents’ Success With Buyers

3min
pages 24-27

From the Publisher

4min
pages 9-12

Power Broker Perspectives

3min
pages 28-30

Marketwatch

1min
page 13

NAR Power Broker Roundtable

3min
pages 14-15
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