New economic data releases on Thursday painted a mixed picture of the labor market and housing sector in the United States.
The housing sector also showed signs of strain, with both housing starts and building permits falling more than expected in May. Housing starts fell by 5.5% month over month, plunging to their lowest levels since 2020. Similarly, building permits experienced a 3.8% month-over-month drop.We've also got some fresh economic data out this morning, jobless claims falling to 238,000 last week.
I'm excited to talk with our guest in the show about this because if there is this dearth of supply that has typically supported housing prices, could that be inflationary moving forward in the housing market or is it really just about when the fed is going to cut back on rates and what that does to demand?And of course, the price impact that that groundswell of demand that has just been waiting for cuts could have on the housing market moving forward.