Here’s a summary of recent housing/economic reports that have come across the MBA NewsLink desk:
Tag: Wells Fargo Economics
Construction Spending Posts Biggest Drop in 18 Months
Construction spending fell by 0.7 percent in August, the Commerce Department reported Monday, the second consecutive decline and the biggest drop since February 2021.
Existing Home Sales Down 7th Straight Month
Existing home sales fell in August for the seventh straight month, the National Association of Realtors reported Wednesday, despite more borrowers locking in rates before they went up.
August Housing Starts Rise; Drop in Permits Casts Shadow
The good news: August housing starts beat expectations, rising by more than 12 percent from July. The bad news: housing permits fell just as dramatically, lending uncertainty to an already volatile 2022 housing market.
Employers Add 315,000 August Jobs
July job growth slowed from June, the Bureau of Labor Statistics said on Friday—but analysts said that’s not necessarily a bad thing.
July Construction Spending Tapers
Construction spending fell in July, marking the second consecutive monthly drop, the Census Bureau reported Thursday.
July Job Openings Overwhelm Pool of Available Workers
In the first of four major employment reports this week, the Bureau of Labor Statistics reported job openings rose to 11.2 million as of the end of July, more than double the pool of available workers.
Gas Prices Drop; Consumer Confidence Rises to 4-Month High
Gas prices fell to a four-month low this month; conversely, consumer confidence rose to a four-month high, The Conference Board reported Tuesday.
Home Price Reports: ‘Deceleration’ is Key Word
The S&P CoreLogic Case-Shiller Indices reported an 18 percent annual gain in June, still hot but well off the 19.9 percent pace in May. And the Federal Housing Finance Agency also reported deceleration in June, to 17 percent.
GDP: 2Q Pace of Slowing Decreases
The U.S. economy continued to slow in the second quarter, the Bureau of Economic Analysis reported Thursday, although not at a pace as dramatically earlier this summer.