The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates. At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022.
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The affordability gap – an estimate of the difference between an area’s median household income and how much income is necessary to afford payments on a median-priced home in that area – is near a 10-year high in the U.S., according to an NBC News analysis of housing data. The analysis and the latest numbers from the NBC News Home Buyer Index show what experts say is a housing market inaccessible to a growing number of people.
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Recent economic data indicates a promising outlook, suggesting a soft landing for the U.S. economy as both the labor market and inflation show signs of gradual cooling. This scenario is beneficial for workers and the broader economy, indicating lower price growth without triggering a recession.
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The Market Composite Index, a measure of mortgage loan application volume by Mortgage Bankers Association’s (MBA) weekly survey, has been hovering around 200 since October 2022 as higher mortgage rates and low resale inventory continue to hamper potential buyers.
Economic activity in the manufacturing sector contracted in May for the second consecutive month, according to the latest Manufacturing ISM Report on Business. The Manufacturing PMI registered 48.7% in May, down 0.5 percentage points from the 49.2% recorded in April.
U.S. consumer confidence unexpectedly improved in May after deteriorating for three straight months amid optimism about the labor market, but worries about inflation persisted and many households expected higher interest rates over the next year.
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The U.S. economy grew at a sluggish 1.3% annual pace from January through March, the weakest quarterly rate since the spring of 2022, the government said Thursday in a downgrade from its previous estimate. Consumer spending rose but at a slower pace than previously thought, a sign that high interest rates and lingering inflation are pressuring household budgets.
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Nine out of 10 business economists predict the economy is heading for a soft landing in 2024, according to the May outlook from the National Association for Business Economics released on Monday. The professional organization polled 43 of its members between April 23 and May 6. Instead of a downturn, the economists surveyed expect stronger growth over the rest of this year and into 2025.
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Existing home sales fell for the second straight month in April, after a big monthly drop in March, according to the National Association of Realtors (NAR). Meanwhile, low resale inventory and strong demand continued to drive up existing home prices, marking the tenth consecutive month of year-over-year median sales price gains.
The latest Producer Price Index (PPI) from the U.S. Bureau of Labor Statistics (BLS) was released last week, with prices for materials used in door and window manufacturing mostly steady from March to April, but with small ups and downs on a year-over-year basis.
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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.
