The U.S. economy grew at a slightly less rapid pace than economists had expected in the third quarter. The Bureau of Economic Analysis’s advance estimate of third quarter U.S. gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, below the 2.9% growth expected by economists surveyed by Bloomberg.
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U.S. job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. The Labor Department reported Tuesday that the number of job openings dropped to 7.4 million in September from 7.9 million in August.
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Home equity gains for homeowners cooled off in the third quarter of 2024, according to a recent report from property data and real estate analytics firm ATTOM. The report indicates 48.3% of mortgaged residential properties were considered equity-rich – meaning the combined estimated amount of loan balances secured by those properties were more than half of their estimated market values.
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The International Monetary Fund (IMF) projected that global inflation will decrease from 5.8% this year to 4.3% by 2025. In its report released on October 22nd, the IMF highlighted that inflation in wealthy countries is expected to fall more quickly, from 2.6% this year to 2% in 2025, aligning with the targets of major central banks.
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Despite recent easing mortgage rates and improved inventory, existing home sales fell to a 14-year low in September as elevated home prices are causing potential buyers to hold out for lower rates, according to the National Association of Realtors (NAR). Sales remained sluggish as the lock-in effect kept home prices elevated. However, NAHB expects increased activity in the coming months as mortgage rates moderate with additional Fed easing.
The latest Conference Board Leading Economic Index (LEI) decreased in September to its lowest level since October 2016. The index fell 0.5% from the previous month to 99.7, marking its seventh consecutive monthly decline.
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U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday that more rate cuts likely lie ahead for the central bank as the 2% inflation target looms into sight.
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A measure of wholesale prices showed no change in September, pointing to a continued easing in inflation, the Labor Department reported last Friday. The producer price index was flat for the month and up 1.8% from a year ago. Economists surveyed by Dow Jones had been looking for a monthly gain of 0.1% after August’s increase of 0.2%.
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A strike hitting ports along the East and Gulf coasts could stoke prices for food, autos and a host of other consumer goods but is expected to cause only modest broader impacts — so long as it doesn’t drag on for too long.
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A mistake by the U.S. central bank in setting interest rates during the last phase of its inflation battle is the main risk that could undercut the economy over the next year, according to a new survey of economists released as Federal Reserve Chair Jerome Powell was set to speak on Monday.
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World Millwork Alliance (WMA) 54 TH Annual Convention & Tradeshow will hold its’ premier event at the Memphis Cook Convention Center from September 11-15, 2018. WMA will offer Veterans and Students complimentary access to the exhibit hall during Millwork Career Day on Friday, September 14, 2018 during the show hours of 10:00 a.m. – 3:30 p.m.
WMA welcomes Veterans and Students to explore a career in the millwork industry. Learn from worldwide millwork professionals while viewing the finest millwork products. Meet with industry distributors and manufacturers about the opportunities in a millwork career.
Pre-registration for a name badge is available by completing a WMA Registration Form. Any local Student or Veteran who has pre-registered will pick up their complimentary “Expo – One Day Pass” with a valid student ID or Veteran ID at the WMA registration desk in the Memphis Cook Convention Center.
Veterans must show a Veteran’s Administration (VA) identification card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Students must show a valid Student photo I.D. card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Pre-registration is open until August 13, 2018; thereafter, registration is onsite at the WMA registration desk in the Memphis Cook Convention Center.
