RealPage Economy Express Episode 32

by   Arben Skivjani
  Posted   August 2, 2024
  in   Insights ,   Economy Express

Episode 32: Strength across several economic sectors

  • In the private sector, employment increased by 122,000 jobs in July, with annual pay rising 4.8% year-over-year, according to the ADP National Employment Report.
  • The same report showed that job openings decreased by 941,000 jobs in the past year, signaling cooling labor demand.
  • S. GDP surpassed expectations, growing at an annualized rate of 2.8% in 2nd quarter 2024. That growth was driven by strong consumer spending and increased government spending.
  • The Personal Consumption Expenditures (PCE) price index rose 2.5% year-over-year in June. Excluding food and energy, core PCE prices increased 2.6%.
  • Existing-home sales declined 5.4% in June, while median sales prices reached a record high of $426,900.
  • The Consumer Confidence Index increased slightly to 100.3 in July. However, the Present Situation Index, which measures current business and labor market conditions, saw a slight decline.
  • The Federal Reserve indicates a rate cut might occur as soon as September, if inflation continues to cool.

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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