RealPage Economy Express Episode 36

by   Arben Skivjani
  Posted   October 7, 2024
  in   Insights ,   Economy Express

Episode 36: Home prices continue to rise, the U.S. keeps adding jobs and the Fed is likely to cut rates again by the end of the year.

  • Home prices continue to rise, hitting another all-time high in July, according to the S&P CoreLogic Case-Shiller Index. Prices rose 5% year-over-year as of July, which was slower than June’s 5.5%.
  • The National Association of Realtors pending home sales report for August showed a 0.6% month-over-month increase. Still, year-over-year, pending home sales were down 3%.
  • The third estimate of GDP for 2nd quarter showed 3% annualized growth, marking an acceleration from the 1.6% from 1st quarter. This growth was inspired by consumer spending, private inventory investment and federal government spending.
  • The Personal Consumption Expenditures Price Index – a measure of prices paid for goods and services – increased by 0.1% in August, with year-over-year inflation at 2.2%.
  • The U.S. job market swelled by 254,000 jobs in September, driven by gains in food services, healthcare and construction.
  • Federal Reserve Chair Jerome Powell indicated further rate cuts were likely this year, though in smaller doses.

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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