As a result, the seasonally adjusted index figure for March declined from the corresponding figure for February. March's figures for national existing and new home sales rose a strong 4.8 percent and 4.2 percent, respectively from February. New home sales reached 1.02 million, the highest figure on record. Strong demand, limited inventory, and dropping mortgage rates have contributed to the continuing strength of this sector. This is related to the Federal Reserve's recent action which lowered interest rates an additional one-half percent.
Some economists claim that a healthy housing market can prevent an overall economic downturn.
March's employment figures are up 0.2 percent over the previous year. This sector is up 1.0 percent over the previous year's figures. The retail subsector of services is up 100 jobs to 10,600 from last month Total county employment in manufacturing seems to have leveled off at approximately 5,900 jobs, which is unchanged from the revised figures of the previous two months. This subsector is up 5.4 percent over March 2000. Employment data for this month is preliminary, and we will provide revised figures as they become available.