Eye On Housing
Consumer prices continued to rise in May, supported by increases in housing costs. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.6% in May on a seasonally adjusted basis, following an increase of 0.8% in April. Excluding the volatile food and energy components, “core” CPI increased by 0.7% in May, after an increase… Read More ›
The first quarter 2021 Home Building Geography Index (HBGI) showed that single-family home building continued to shift to low-density and low-cost markets, a trend stemming largely from the COVID-19 pandemic and first reported in the second quarter of 2020. However, this suburban shift has been even more pronounced in the multifamily sector, which is experiencing growth in 2021 after a… Read More ›
Job gains accelerated in May as vaccination rates increased and COVID-19 restrictions lifted. Total payroll employment rose by 559,000 and the unemployment rate decreased to 5.8% in May. In May, non-residential construction lost 21,800 positions, reflecting declines in nonresidential specialty trade contractors (-16,800), while residential construction employment rose by 1,900. Currently, residential construction employment exceeds its level in February 2020,… Read More ›
Home building across the nation expanded the fastest in places with the shortest commute times, according to the quarterly National Association of Home Builders (NAHB) Home Building Geography Index (HBGI). The HBGI also shows the suburban shift in new home construction to low density, low cost markets stemming largely from the COVID-19 pandemic and first reported in the second quarter… Read More ›
Both headline inflation and core inflation jumped in April, reflecting strong consumer demand for products and services as the economy reopens from the COVID-19 recession. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.8% in April on a seasonally adjusted basis, after an increase of 0.6% in March. It marks the largest increase… Read More ›
In the first quarter of 2021, consumer credit increased at a seasonally adjusted annual rate by 5.1%, with revolving debt1 increasing by 2.4% and nonrevolving debt2 increasing by 5.9%. Consumer credit totaled $4.2 trillion on a seasonally adjusted annual basis, with $980 billion comprised of revolving debt and $3.3 trillion in nonrevolving debt. This outstanding level marks a total increase of $54 billion… Read More ›
Job gains unexpectedly slowed in April as states lifted COVID-19 restrictions on businesses and more people are vaccinated. Total payroll employment rose by only 266,000 and the unemployment rate increased to 6.1% in April. This was a surprisingly disappointing report on the macro level. Residential construction employment rose by 3,100 in April, after an increase of 28,700 in March. Non-residential… Read More ›
The latest results from the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) present standards on bank lending practices as they occurred in the first quarter of 2021. The three major categories of lending covered by the survey are Commercial and Industrial (C&I) loans, Commercial Real Estate (CRE) loans, and Residential Real Estate (RRE) loans. The survey distinguishes the… Read More ›
In the first quarter of 2021, real GDP surged and approached its pre-pandemic level as the economy continued to reopen. This quarter’s growth reflected strong gains for consumer and government spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.4% in the first quarter… Read More ›
Both headline inflation and core inflation accelerated in March as the economy reopens from the COVID-19 recession. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.6% in March on a seasonally adjusted basis, after an increase of 0.4% in February. It marks the biggest increase since June 2009. Excluding the volatile food and… Read More ›