Cracks in the US Economy Worsen: New Report

Selling Real Estate
Based on a new report from the US Labor Department, the number of Americans filing new claims for unemployment benefits jumped to the highest levels since October 2021, pointing to bigger cracks in the labor market. The Producer Price Index or the PPI report was also released Thursday 5/11/23 which showed wholesale prices increased at a slower rate than expected.

With inflation also falling below 5% for the first time in 2yrs (CPI), this could allow the Federal Reserve to pause rate hikes next month AND potentially start reducing rates later this year, if inflation slows down further and the labor market sees additional softening as well. However, the Fed has given no indications that they will pivot this year and is taking a “wait and see” approach based on incoming data.

I also share some concerns I have about our US economy such as a rise in revolving debt such as credit cards and Home Equity Lines of Credit (HELOC), record high interest rates for credit cards, negative wage growth in the US and more.

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Compilation of Housing Market Forecast videos:

Reports I shared in today’s video:
https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20230976.pdf

https://www.investing.com/central-banks/fed-rate-monitor

https://www.cnbc.com/2023/05/10/april-2023-cpi-inflation-report.html

https://www.creditcards.com/news/rate-report/

https://www.federalreserve.gov/releases/g19/current/default.htm

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.5% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group Complete in California under DRE 01923240.

#USeconomy #mortgagerates #unemployment

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