The U.S. economy added 2.5 million jobs in May and the unemployment rate declined to 13.3% from the prior report’s 14.7%, according to the Bureau of Labor Statistics. [1]
With jobs on the upswing, Mike Swell, co-head of global fixed income portfolio management at Goldman Sachs Asset Management, says a housing crisis is unlikely. According to Swell, the residential housing market will be 100% correlated to the jobs market and adds that he expects the commercial real estate market to stabilize.
In this Video Spotlight, Swell speaks with Bloomberg's Tom Keene, Lisa Abramowicz and Jonathan Ferro on the job market's relationship with the housing market.