RealPage Economy Express Episode 12

Episode 12: Has consumer confidence wavered?

  • U.S. home sales declined more than 15% in the year-ending August, according to the National Association of Realtors, leading to a shift toward renting.
  • The multifamily construction sector is booming, with a 50-year high in activity, and rental rates have flattened, helping to reduce inflation.
  • In a positive sign, the Core Personal Consumption Expenditures (PCE) price index increased 3.9% in the past year, which is down from the 4.3% showing from July.
  • Employment growth in September fell short of expectations, according to ADP Research Institute. This could impact the Federal Reserve's decision on a planned rate hike in November.
  • The economy faces the possibility of a government shutdown and persistent inflation, and concern about a potential recession in 2024 lingers.
  • Consumer confidence – which plays a crucial role in influencing the trajectory of the U.S. economy – has been wavering.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.