US mortgage rates slid last week to the lowest level since February 2023, emboldening homebuyers and spurring a pickup in refinancing applications in welcome news for the real estate market.
US labor costs increased in the first quarter by less than previously reported, reflecting downward revisions to economic output and hours worked and consistent with other signs of moderating activity.
New US home construction rose by less than forecast in April and permits for new activity dropped, suggesting the recent rise in mortgage rates is giving builders pause.
US mortgage rates climbed to a four-month high last week, potentially signaling a bumpier recovery for the residential real estate market.
Household wealth in the US increased to a record last year as investors reaped the benefits of a surging stock market and higher home values.
US retail sales exceeded all forecasts and industrial production strengthened last month, fresh evidence of a resilient American consumer whose spending is helping stabilize manufacturing.
US job growth probably moderated last month after a blistering January pace, while the unemployment rate likely held at a 53-year low, illustrating a labor market that’s proved mostly impervious to the Federal Reserve’s massive interest-rate hikes.
Inflation continues to rattle the global economy, forcing monetary authorities to strengthen efforts to extinguish it.
A barrage of data Thursday offered a mixed view of the US economy in the face of rapid inflation, including more tempered retail activity and a labor market that’s still vibrant.
US consumer sentiment plunged in early June to the lowest on record as soaring inflation continued to batter household finances.
Any increased capital spending by U.S. oil and gas producers in response to the surge in crude price should help soften the blow to the economy from an expected pullback in consumer spending. It just won’t be anytime soon.
Economists are getting a dose of humility on forecasting inflation after a resurgent coronavirus, a tenuous global supply network and stimulus-fueled consumers combined to send U.S. prices well beyond the expectations of Wall Street and policy makers.
Supply-chain jams are leading to congestion at ports around the world, keeping prices elevated.
The story of U.S. inflation in 2021 could very well amount to this: It’s all a mirage.
