With about an eighteen-month lag, peaks and valleys in the National Association of Homebuilders index tend to precede turns in the U.S. unemployment rate. The upcycle was much speedier after the pandemic outbreak as homebound individuals rushed to buy homes. The recent top in the NAHB index was in November 2020. The decline has not been very severe since, though a sharp slump in the Bloomberg Homebuilders Select industry index this year suggests being cautious about both housing and the employment outlook.