RealPage Economy Express Episode 37

by   Arben Skivjani
  Posted   October 18, 2024
  in   Insights ,   Economy Express

Episode 37: Consumer spending is holding strong, inflation is easing, and the labor market remains robust.

  • Mortgage applications for new home purchases increased 10.8% from September 2023 to September 2024, according to the Mortgage Bankers Association’s Builder Application Survey.
  • Retail sales rose 0.4% in September, surpassing expectations and up from August’s 0.1% gain.
  • The Consumer Price Index for All Urban Consumers increased 0.2% in September, mirroring the gains in August and July.
  • The Producer Price Index for final demand remained unchanged in September after a 0.2% increase in August.
  • Initial unemployment claims for the week-ending October 12 decreased by 19,000 claims to stand at 241,000, beating expectations. The four-week moving average edged up by 4,750 to 236,250. Despite recent hurricanes, claims in both Florida and North Carolina declined after a spike the previous week.
  • As consumers remain frustrated with high prices, The University of Michigan’s Consumer Sentiment Index for October slipped to 68.9 from September’s 70.1.

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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