MetroIntelligence Economic Update by P. DUFFY
Leading Economic Index falls 0.3 percent in April, but up 0.9 percent over last six months
The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.3 percent in April to 119.2 (2016 = 100), following a 0.1 percent increase in March. The LEI is now up 0.9 percent over the six-month period from October 2021 to April 2022. A range of downside risks—including inflation, rising interest rates, supply chain disruptions, and pandemic-related shutdowns, particularly in China—continue to weigh on the outlook. Nevertheless, we project the US economy should resume expanding in Q2 following Q1’s contraction in real GDP.
https://www.conference-board.org/topics/us-leading-indicators/press/us-lei-may-2022
Despite higher prices and mortgage rates, housing market remains highly competitive
U.S. home values continue to grow at a record pace, up 20.9% in the past year. The combination of rising prices and a spike in mortgage rates means the monthly mortgage payment on a typical home is 52.5% higher than it would have been a year ago. Rising costs have not yet eased competition. Homes are selling as fast as they ever have — after only seven days for the typical home — and nearly half of homes are selling for above their list price.
https://www.zillow.com/research/april-2022-market-report-31040/
NAHB provides state-by-state analysis of job growth in April
Year-over-year ending in April, 6.6 million jobs have been recovered, marking the economic rebound from the COVID-19 pandemic induced recession. All the states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 925,200 jobs in California to 6,700 jobs added in Vermont. In percentage terms, Nevada reported the highest increase by 8.0%, while Kansas increased by 1.7% compared to a year ago.
https://eyeonhousing.org/2022/05/employment-situation-in-april-state-level-analysis-2/
