MetroIntelligence Economic Update by P. DUFFY
Job openings rebound to 11.2 million in July, quits rate falls slightly
The number of job openings rose 1.8 percent to 11.2 million on the last business day of July. Hires and total separations were little changed at 6.4 million and 5.9 million, respectively, falling over one percent. Within separations, quits (4.2 million) fell 1.7 percent, and the ratio of quits to open jobs fell to 37 percent. With 5.7 million officially unemployed persons in July, the overhang of open jobs rose 8.6 percent to 5.6 million, or 2.02 jobs per person.
Case-Shiller Index annual gains decelerate in June to 18.0 percent
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 18.0% annual gain in June, down from 19.9% in the previous month. Tampa led the way with a 35.0% year-over-year price increase, followed by Miami in second with a 33.0% increase, and Dallas in third with a 28.2% increase. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3%.
FHFA Housing Price Index annual gains slow to 16.2 percent in June
U.S. house prices rose 17.7 percent from the second quarter of 2021 to the second quarter of 2022 according to the Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices were up 4.0 percent compared to the first quarter of 2022. FHFA’s seasonally adjusted monthly index for June was up 0.1 percent from May and 16.2 percent year-on-year.