RealPage Economy Express Episode 34

by   Arben Skivjani
  Posted   August 29, 2024
  in   Insights ,   Economy Express

Episode 34: Consumers are feeling more confident, and an interest rate cut may be on the horizon.

  • According to recent revisions from the Bureau of Labor Statistics, the U.S. economy created 818,000 fewer jobs than initially reported in the 12-month period ending in March 2024.
  • This 30% downward adjustment was the most significant since 2009.
  • Even with fewer jobs than originally stated, demand for apartments was solid in the first half of 2024.
  • Weekly unemployment claims decreased slightly, with 231,000 new claims filed in the latest report.
  • However, the four-week moving average dipped to 231,500 claims, indicating a relatively stable job market.
  • New residential construction permits and starts were both down for the year-ending July, signaling a slowdown in new housing.
  • However, existing-home sales rose 1.3% in July, capping off a four-month decline.
  • Consumer confidence increased in August, with the index rising to 103.3 from 101.9 in July.
  • With inflation cooling, the Fed is hinting at a possible interest rate cut soon.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.

Tags