RealPage Economy Express Episode 38

by   Arben Skivjani
  Posted   October 31, 2024
  in   Insights ,   Economy Express

Episode 38: Positive data points to a steady market. Will the Fed hold or cut rates again in November?

  • The U.S. added 233,000 new private sector jobs in October, and annual pay was up 4.6%, according to the ADP National Employment Report.
  • Also indicating a strong labor market, initial unemployment claims for the week-ending October 26th dropped by 12,000 claims.
  • The Conference Board’s Consumer Confidence Index saw an increase, rising to 108.7 in October from 99.2 in September. This was the most notable monthly gain since March 2021.
  • September building permits were down 2.9% from the previous month.
  • While existing home sales were down by 1% from August, pending home sales rose by 7.4% in September.
  • Single-family home prices were up 4.2% in August, according to the S&P CoreLogic Case-Shiller Index.
  • Real GDP rose at a solid 2.8% annual rate in 3rd quarter. This strength was fueled by consumer spending and federal government investments.
  • Inflation remained near the Fed’s target at 2.1%.
  • A rate cut could be coming again in November, but recent data may cause the Fed to hold steady.

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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