RealPage Economy Express Episode 24

Episode 24: Is the Fed still considering rate cuts?

  • Roughly 184,000 jobs were added to the private sector in March, according to the latest ADP National Employment Report. And annual pay increased by 5.1% year-over-year.
  • The Bureau of Economic Analysis reports personal income and personal consumption expenditures price index increased by 0.3% in February. Spending, especially on services, indicates a vibrant consumer sector.
  • The personal saving rate was at 3.6%, and balancing spending and saving remains a concern.
  • Pending home sales increased by 1.6% in February, showcasing a slow and steady recovery pace.
  • Construction spending dipped by 0.3% in February but increased by 10.7% compared to the previous year, indicating a nuanced recovery, especially in residential construction.
  • The Conference Board's Leading Economic Index rose by 0.1% in February, driven by factors like stock prices and residential construction, suggesting a cautiously optimistic economic outlook.
  • Federal Reserve Chairman Jerome Powell emphasized the need for more evidence of easing inflation before considering rate cuts, indicating a cautious approach.

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