RealPage Economy Express Episode 33

by   Arben Skivjani
  Posted   August 16, 2024
  in   Insights ,   Economy Express

Episode 33: Inflation and construction spending cool off.

  • Construction spending dipped by 0.3% between May and June but is up 6.2% year-over-year, according to the S. Census Bureau.
  • Both private and public sectors saw minor pullbacks in construction spending, pointing to a slight cooling off after a robust growth period.
  • The unemployment rate increased slightly to 4.3% in July, per the Bureau of Labor Statistics. This was a weaker performance than expected.
  • Average hourly earnings rose by 0.2% for the month, contributing to a yearly increase of 3.6%.
  • Weekly unemployment insurance claims decreased to 227,000, down by 7,000 from the previous week.
  • The Consumer Price Index rose by 0.2% in July, driven by higher shelter costs, with a yearly increase of 2.9%. That was the smallest 12-month upturn since March 2021.
  • Mortgage applications surged by 16.8%, mainly due to refinancing activities.

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

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