Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate.
Today, Governor Ron DeSantis announced Florida’s unemployment rate dropped to a historic 2.7 percent in July as the state’s job creation skyrocketed. Florida’s July 2022 unemployment rate is the lowest since February 2020 and this level has only been reached three times since Florida began recording unemployment data in 1976.
More than two years after the virus pandemic upended the world of work, signs of distress in commercial real estate markets are emerging. The world is transitioning from an artificial landscape of ultra-accommodative monetary and fiscal stimuli that inflated returns to an environment where the federal government and the Federal Reserve tighten financial conditions.
Following the unexpectedly large decline in existing home sales (directionally not unexpected given the surge in mortgage rates, plunge in mortgage apps, slump in homebuilder sentiment, drop in building permits, and weakening in labor market signals that are emerging), analysts expected new home sales to slide 1.8% MoM in April.