RealPage Economy Express Episode 29

by   Arben Skivjani
  Posted   June 17, 2024
  in   Insights ,   Economy Express

Episode 29: Inflation is under control, and we might get a rate cut in 2024

  • Nonfarm payroll employment increased by a solid 272,000 jobs in May, reports the Bureau of Labor Statistics.
  • Still, the U.S. unemployment rate remained steady at 4%.
  • April’s total construction spending dipped slightly (0.1%) from March, but was up a robust 10% year-over-year.
  • Private residential construction edged up 0.1%, despite economic uncertainties.
  • Public construction spending decreased 0.2%, particularly in educational and highway projects.
  • Inflation is stable, with the Consumer Price Index unchanged in May (following a 0.3% rise in April).
  • The Energy index fell by 2%, driven by lower gasoline prices, while the Shelter index rose by 0.4% for the fourth consecutive month.
  • Producer prices declined 0.2% in May (after a 0.5% increase in April).
  • The Federal Reserve kept policy rates unchanged for the moment.
  • The Summary of Economic Projections suggests one rate cut could happen in 2024, with a possibility of that occurring in November or September.

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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