Inflation Eases Further in June
Eye On Housing – macroeconomics
by Fan-Yu Kuo
2d ago
Both overall and core inflation continued to slow in June, as a decline in gasoline prices offset the increase in shelter costs. This is another dovish signal for future monetary policy, following a significant downward revision to the job report. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on ..read more
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2024 First Quarter State-Level GDP Data
Eye On Housing – macroeconomics
by Danushka Nanayakkara-Skillington
2w ago
Real gross domestic product (GDP) increased in 39 states and the District of Columbia in the first quarter of 2024 compared to the last quarter of 2023 according to the U.S. Bureau of Economic Analysis (BEA). Ten states reported an economic contraction during this time, while Maryland reported no change. The percent change in real ..read more
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Consumer Confidence Edged Lower Amid Future Economic Concerns
Eye On Housing – macroeconomics
by Fan-Yu Kuo
2w ago
Consumer confidence weakened in June but remained within the range of the past two years, with optimism about current labor market conditions offsetting concerns about future economic outlook. However, higher interest rates and lingering inflation continue to discourage consumption.  The Consumer Confidence Index, reported by the Conference Board, fell from 101.3 to 100.4 in June ..read more
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Fed Holds Rates Constant; Sees One Cut for 2024
Eye On Housing – macroeconomics
by Robert Dietz
1M ago
The Federal Reserve’s monetary policy committee held constant the federal funds rate at a top target of 5.5% at the conclusion of its June meeting. In its statement, the Federal Open Market Committee (FOMC) noted: Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and ..read more
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Inflation Moderates Despite Persistent Housing Cost Growth
Eye On Housing – macroeconomics
by Fan-Yu Kuo
1M ago
Both overall and core inflation continued to ease in May as decline in gasoline price offset the increase the shelter cost. This is a dovish signal for future monetary policy. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on inflation, accounting for over 60% of the total increase in ..read more
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U.S. Economic Growth Slows in First Quarter
Eye On Housing – macroeconomics
by Jing Fu
1M ago
Compared to the fourth quarter of 2023, the U.S. economy grew at a noticeably slower pace in the first quarter of 2024 due to an increase in the trade deficit and weaker inventory investment. But it was still on solid ground supported by consumers, the government, and the housing industry. Meanwhile, the data from the ..read more
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Revised JOLTS Data Show Slowing Job Openings
Eye On Housing – macroeconomics
by Robert Dietz
1M ago
Due to tightened monetary policy, the count of open jobs for the economy and construction is declining, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). This is consistent with a somewhat cooler economy, which is a positive sign for future inflation readings. In April, the number of open jobs for ..read more
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Existing Home Sales Recede in April
Eye On Housing – macroeconomics
by Jing Fu
1M ago
Existing home sales fell for the second straight month in April, after a big monthly drop in March, according to the National Association of Realtors (NAR). Meanwhile, low resale inventory and strong demand continued to drive up existing home prices, marking the tenth consecutive month of year-over-year median sales price gains. Due to elevated interest ..read more
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State Level Employment Situation: April 2024
Eye On Housing – macroeconomics
by Danushka Nanayakkara-Skillington
1M ago
Nonfarm payroll employment increased in 38 states and the District of Columbia in April compared to the previous month, while 11 states saw a decrease. Alaska reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 175,000 in April, following a gain of 315,000 jobs ..read more
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Mixed Price Changes for Building Materials in April
Eye On Housing – macroeconomics
by Jesse Wade
1M ago
Inputs to residential construction, goods less food and energy, increased for the sixth consecutive month, according to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction. The non-seasonally adjusted ..read more
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