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Job growth slows in October, signaling potential good news for interest rates

This month’s employment data will be one of the key components in determining whether to hold the federal funds rate again at its December meeting.

Fed pauses again on raising federal funds rate

The Fed’s statement acknowledged that it would be guided by future inflation and economic data in determining whether it would hold again at its December meeting.

September private residential construction spending inches up

The total construction monthly increase is attributed to more spending on single-family construction and improvements.

Count of open construction jobs increases

In September, the number of open jobs for the economy as a whole remained large at 9.55 million.

Homeownership rate stays at 66%

According to the National Association of Home Builders, the homeownership rate for households aged less than 35 decreased to 38.2% in the third quarter of 2023.

Personal savings rate drops to 3.4% in September

With spending increasing faster than personal income, the September personal savings rate dipped to 3.4% from 4.0% in August.

U.S. economic growth accelerates in 3rd quarter

This quarter’s increase in real GDP reflected increases in consumer spending, private inventory investment, exports, government spending, and residential fixed investment.

Housing share of GDP remains flat in the 3rd quarter of 2023

Housing’s share of GDP remained at 15.9% for the third consecutive quarter in 2023.

Construction jobs up in 27 states

Across the 48 states which reported construction sector jobs data, 27 states reported an increase in September compared to August, while 20 states lost construction sector jobs.
mortgage rates

The 8% mortgage rate is here

Mortgage rates in the 8% range are further impacting already strained levels of affordability, Sam Khater, Freddie Mac’s chief economist, said in a statement.

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