RealPage Economy Express Episode 35

by   Arben Skivjani
  Posted   September 13, 2024
  in   Insights ,   Economy Express

Episode 35: Will a softened labor market affect the Fed’s plan for rate cuts?

  • Construction spending decreased 0.3% in July but increased by 6.7% year-over-year.
  • Job openings in July remained unchanged at 7.7 million, down by 1.1 million from last year.
  • Separations, including quits and layoffs, rose slightly to 5.4 million.
  • Nonfarm payroll employment increased by 142,000 in August.
  • The unemployment rate was at 4.2%, slightly higher than the 3.8% from a year ago.
  • Average hourly earnings increased by 0.4% in August, with an annual growth rate of 3.8%.
  • Revisions for June and July job gains showed a significant downward adjustment of 86,000 jobs combined, signaling the labor market may have been weaker than initially thought.
  • Unemployment claims for early September rose slightly to 230,000, with a four-week moving average at 230,750.
  • The Consumer Price Index increased by 0.2% in August, contributing to a year-over-year rise of 2.5%.
  • The Federal Reserve is expected to take a measured approach and avoid a large rate cut at its upcoming September meeting.

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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