Episode 9: What do peak mortgage rates and low housing inventory mean for the economy?
- The Producer Price Index, which measures inflation before reaching consumers, rose by 0.8% in the year-ending July.
- Very high mortgage rates have led many homeowners to reconsider selling, leading to low resale inventory.
- The National Association of Realtors reports existing home sales were down 2.2% for the month and 16.6% year-over-year as of July.
- Unemployment claims dropped by 10,000 filings in the week-ending August 19, a positive sign that is causing some economists to revise forecasts upward.
For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.