NEW YORK, NY -- (Marketwire) -- 06/05/12 -- Shares of U.S. home builders fell sharply last Friday after the Labor Department reported job gains that fell short of analysts' estimates. Homebuilders saw their biggest decline in nearly 10 months as the Standard & Poor's 1500 Homebuilding Index (S15HOME) dropped as high as 8 percent last Friday. Five Star Equities examines the outlook for companies in the Residential Construction Industry and provides equity research on KB Home (NYSE: KBH) and PulteGroup, Inc. (NYSE: PHM).
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The Labor Department reported Friday that the unemployment rate grew to 8.2 percent from 8.1 percent, and employers in the U.S. added only 69,000 jobs, the lowest total in a year. The report put out by the Labor Department "was a step backward for housing in every way," stated Jed Kolko, chief economist at Trulia Inc., in a recent e-mail. "Construction employment fell, job growth was especially slow in hard-hit housing markets, and the job picture slipped for 25-to-34-year-olds." According to numbers from the Labor Department the total number of jobs in construction dropped by 28,000.
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KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. The company reported revenues for the quarter totaled $254.6 million, up 29% from $196.9 million for the first quarter of 2011, reflecting higher deliveries and an increase in the average selling price.
PulteGroup is one of America's largest homebuilding companies with operations in approximately 60 markets throughout the country. For the first quarter ended March 31, 2012, the company reported a net loss of $12 million, or $0.03 per share. In the prior year the Company reported a net loss of $40 million, or $0.10 per share.
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