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.
Tag: Wells Fargo Economics
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.
July New Home Sales at 6-1/2 Year Low; Price Growth Decelerates
New home sales fell to their slowest pace in six and a half years, while inventories stockpiled, HUD and the Census Bureau reported Tuesday. In a separate report, RE/MAX, Denver, said median home sales prices fell for the first time since January
Existing Home Sales Fall to 2-Year Low
Existing home sales fell under five million annually for the first time in more than two years, marking the sixth consecutive monthly decrease, the National Association of Realtors reported Thursday.
July Housing Starts Take Sharp Hit
It already hasn’t been a good week for housing. On Monday, the National Association of Home Builders reported its Housing Market Index fell for the eighth straight month to two-year low. And on Tuesday, HUD and the Census Bureau reported housing starts fell in July by nearly double digits to its slowest pace since 2020.