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The Bureau of Labor Statistics (BLS) reported that the U.S. economy generated 175,000 new jobs in April, below our forecast of 200,000 and the consensus of 243,000. March's result was revised higher to 315,000 from 303,000, but gains in March and February combined were revised lower by 22,000. April's increase in payrolls and the revisions to March and February took the three-month average to 242,000, which is in line with the 12-month average of 242,000 and signals a healthy-but-cooling job market. The unemployment rate rose to 3.9% from 3.8%, which remains below the threshold for triggering the widely followed Sahm Rule recession indicator. The four-week average of initial jobless claims (reported yesterday) is 210,000, well below the 300,000 that would trigger our concerns about a potential recession. Average hourly earnings increased seven cents month-to-month and are now 3.9% higher year-over-year (compared to 4.1% in March). The average workweek dipped to 34.3 hours in April from 34.4 hours in March. Job gains occurred in healthcare, social assistance, and transportation and warehousing. Employment showed little change over the month in construction; government; mining; quarrying, oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional and business services; leisure and hospitality; and other services. After this morning's report, S&P 500 stock futures rose from pre-release levels. The yield on the 10-year Treasury dropped to 4.50% from 4.56%. Before the release, futures contracts suggested an 86% probability that the Fed will keep the funds target at 5.25%-5.50% when it meets in June. After the release, there was little change. But the probability of a rate cut at the September meeting (either by 20 or 50 basis points) rose to 74% from 62%.

Stock Market Looking to Get Past April's Stumble

D.R. Horton, based in Fort Worth, Texas is one of the largest homebuilders in the U.S., with homebuilding revenue of $31.7 billion on 82,918 closings for the fiscal year ended September 30, 2023. To be sure, DHI may be number one based on deliveries while Lennar, whose average selling price is about $60,000 higher than DHI's, may have higher revenue in some years. In the 4 quarters reported through May 1, 2024 DHI was a couple billion bigger. The company offers homes in 108 markets in 33 states. About 99% of revenue is from single-family detached homes. The average home price was down about 1% to $381,000 in FY23. The company's financial services segment also provides mortgage financing and title agency services. DHI's Rental division generated $2.6 billion in 2023. The company's fiscal year ends on September 30. The business is seasonal with the highest revenues and operating income generally delivered in the third (ending in June) and fourth (September) quarters than in the first (December) and second (March) quarters.

GREEN BRICK PARTNERS INC has an Investment Rating of HOLD; a target price of $57.000000; an Industry Subrating of Low; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of High; a Growth Subrating of High; and a Value Subrating of Medium.