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28 U.S. UNEMPLOYMENT DROPS TO 6.3%; ADDS 288,000 JOBS Employers across the country added 288,000 jobs to their payrolls in April, bringing the unem- ployment rate down to a new post-crash low. According to the latest report from the Labor Department, the rate of unemployment that month fell to 6.3 percent, down nearly half a per- centage point after a flat March. At an estimated 9.8 million, the number of unemployed people was down by 733,000. On top of that news, the government also an- nounced upward revisions to payroll numbers for February and March, bringing them to 222,000 and 203,000, respectively. With the new data, em- ployment gains over those two months increased an additional 36,000. Bart van Ark, EVP and chief economist for the Conference Board, says April's surprisingly strong pickup underscores the difficulties the economy has faced until recently. "Weather, sequestration, a significant buildup of inventory, and other factors have helped bottle up some of this strength. Now, it would appear, the absence of these factors is finally allowing the economy's underlying strength to come to the sur- face," van Ark said, adding, "e result is not just a relatively strong gain in jobs in April but probably more of the same in May and June and perhaps right through the summer." While the rise in payrolls is cause for celebra- tion, part of the decline in the headline unemploy- ment rate can also be attributed to a huge drop of 806,000 in the civilian labor force, which more than wiped out March's increase of 503,000. Meanwhile, more than a third of unemployed persons classify as "long-term unemployed": those who have been out of a job for 27 weeks or longer. Breaking down the numbers, job gains were widespread in April, with construction once again ranking near the top. According to the Labor Department, construction jobs grew by 32,000 in April, with major job growth in heavy and civil engineering (+11,000) and residential building (+7,000). In the past year, the construction field has seen jobs increase by 189,000, with nearly three-quar- ters of that happening in just the past six months. e other two big indicators in the monthly report—average length of the workweek and average hourly earnings—were unchanged at 34.5 hours and $24.31, respectively. FAST HOME SALES IN SOME MARKETS INDICATES POSITIVE SPRING According to the Fastest Markets Report is- sued by Redfin, homes are "flying off the market" in many places, such as San Francisco, Califor- nia; Austin, Texas; and Washington, D.C. e report notes that although homes are selling faster, fewer total homes are selling. Inventory has risen in these metros, but prices are holding buyers back. However, the company believes the quicken- ing pace of home sales is a positive sign for buyers. In March, across the 20 metros measured by Redfin, median days on the market fell by more than a week to 32 days, dropping from 40 days in February. Compared to last year's figure of 35, homes are selling three days faster on average. e company's analysis found that 29.8 percent of homes went under contract within two weeks of being listed, up from 26.8 percent in February. "Time is of the essence to tour a home and get an offer in quickly, but buyers can use it to their advantage when appealing to the seller," said Redfin agent Sandy Rosen. Overall, San Jose was the fastest-selling market, with the median home staying a mere 10 days on the market before going under contract. Philadelphia crawled in as the slowest market, with a median 81 days on the market in March. e top five markets for fastest time to go to contract include San Jose, California (10 days); San Francisco, California (13 days); Austin, Texas (16 days); San Diego, California (19 days); and Washington, D.C. (19 days). e bottom five markets measured by Redfin for the longest time to go to contract include Philadelphia, Pennsylvania (81 days); Miami, Florida (51 days); Baltimore, Maryland (51 days); Boston, Massachusetts (47 days), and Atlanta, Georgia (40 days). In the first quarter of 2014, 17 percent of U.S. properties were seriously underwater, down 26 percent year-over-year and the lowest level in two years, according to RealtyTrac. KNOW THIS

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