Economic Indicators

Single-family Housing Starts

The decline in housing starts points to ongoing supply-chain bottlenecks and the drop in new home sales due to rising mortgage rates.

Housing Inventory

Inventory of existing homes is 4.1% lower than a year ago, but 12.6% higher than in the previous month, suggesting that supply may have started improving.

Mortgage Rate

The 30-year fixed rate has gone up over the last 12 months as the Fed has indicated a tightening monetary policy.

Inflation

Inflation rose to 8.6% in May with the largest contributor being gas & energy prices. This meant that real wages declined by 3% on a y-o-y basis.

Unemployment Rate

Unemployment remained at 3.6% as the U.S. economy added 390,000 jobs in May 2022, suggesting that the labor market remains strong.

Hourly Earnings

While wage growth was at 5.2% y-o-y in May 2022, inflation is eroding purchasing power.

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