Episode 45: Housing and construction show momentum in recent months, but consumer confidence is fading, inflation persists, and tariffs add uncertainty.
- Pending home sales rose 2% in February, according to the National Association of Realtors. Year-over-year signings were down 3.6%, illustrating soft demand.
- Home prices climbed 4.1% annually in January, led by New York, Chicago and Boston.
- February construction spending increased 0.7% month-over-month and nearly 3% year-over-year, reports the U.S. Census Bureau. Residential construction rose 1.3%, reaching an annual rate of $929 billion. Nonresidential and public projects also saw small increases.
- February job openings held steady at 7.6 million but were down 900,000 from last year. About 228,000 jobs were added in March, doubling February’s revised total. Unemployment ticked up to 4.2%, with more part-time workers and 5.9 million people wanting jobs but not actively looking.
- Personal income rose 0.8% in February, consumption increased 0.4%, and inflation grew 0.3% month-over-month and 2.5% year-over-year, according to the S&P CoreLogic Case-Shiller Index.
- The Conference Board Consumer Confidence Index dropped by 7.2 points in March to 92.9, with the Expectations Index hitting a 12-year low due to concerns about jobs, income and the economy.
- New tariffs imposed by President Trump are expected to raise costs on construction materials and goods.
For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.
