Job Growth Remains Moderate in November

2023-12-08T10:19:58-06:00

In November, total nonfarm payroll employment increased by 199,000 and the unemployment rate declined to 3.7%, from 3.9% in October. The labor market continues to moderate. The Fed held interest rates steady for the second meeting in a row at the conclusion of its November meeting. 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. Given the cooling data, the bond market has seen a decline in interest rates, with the 10-year Treasury rate falling below 4.2% as of early this week. Additionally, wage growth continued to slow. In November, wages grew at a 4.0% year-over-year (YOY) growth rate, down 1 percentage point from a year ago. It marks the lowest YOY wage gain since June 2021, suggesting inflationary pressures are easing. Total nonfarm payroll employment increased by 199,000 in November, following a gain of 150,000 in October, as reported in the Employment Situation Summary. The monthly change in total nonfarm payroll employment for September was revised down by 35,000 from +297,000 to +262,000, while the October estimate remained at +150,000. Combined, the revisions took the original estimates down by 35,000. Despite restrictive monetary policy, more than 6 million jobs have been created since March 2022, when the Fed enacted the first interest rate hike of this cycle. In the first eleven months of 2023, nearly 2.6 million jobs were created, and monthly employment growth averaged 232,000 per month, less than the average monthly growth of 399,000 in 2022. The unemployment rate declined to 3.7% in November as the labor force participation rate edged up. The number of unemployed persons decreased by 215,000, while the number of employed persons increased by 747,000. The labor force participation rate, the proportion of the population either looking for a job or already holding a job, edged up 0.1 percentage point to 62.8% in November, reflecting the increase in the number of persons in the labor force (+736,000) and the decrease in the number of persons not in the labor force (-525,000). Moreover, the labor force participation rate for people who aged between 25 and 54 remained unchanged at 83.3%. While the overall labor force participation rate is still below its pre-pandemic levels at the beginning of 2020, the rate for people who aged between 25 and 54 exceeds the pre-pandemic level of 83.1%. For industry sectors, employment in health care (+77,000), government (+49,000), and leisure and hospitality (+40,000) increased. Employment in manufacturing increased by 28,000, reflecting an increase of 30,000 in motor vehicles and parts as workers returned from the auto strikes. Employment in retail trade declined. Employment in the overall construction sector increased by 2,000 in November, following a 25,000 gain in October. While residential construction added 1,000 jobs, non-residential construction employment added 1,400 jobs for the month. Residential construction employment now stands at 3.3 million in November, broken down as 934,000 builders and 2.4 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,717 a month. Over the last 12 months, home builders and remodelers added 53,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,321,500 positions. In November, the unemployment rate for construction workers rose 0.6 percentage points to 5.7% on a seasonally adjusted basis. It marks the highest rate since July 2021 and has been trending up in the past five months, after reaching the lowest rate of 3.6% in June 2023. ‹ Share of Homes Built in Community Associations Edges Down AgainTags: employment, labor force, labor force participation rate, residential construction employment, wage

Job Growth Remains Moderate in November2023-12-08T10:19:58-06:00

State-Level GDP in the Second Quarter of 2023

2023-12-06T09:23:35-06:00

Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023. Economic activity contracted in six states. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 8.7 percent in Wyoming to -1.9 percent in Vermont. Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 2.1 percent in the second quarter of 2023, after an increase of 2.2 percent in the first quarter of 2023. Utilities; professional, scientific, and technical services; durable-goods manufacturing; and mining were the leading contributors to the increase in real GDP across the country. Regionally, real GDP growth increased in all the regions from the first quarter of 2023 to the second quarter. The percent change in real GDP ranged from 4.3 percent increase in the Southwest region (Arizona, New Mexico, Oklahoma, and Texas) to 1.3 percent increase in the Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania) region. Overall, 13 out of 21 industry groups [i]contributed to the increase in real GDP. Utilities; mining, quarrying, and oil and gas extraction; and transportation and warehousing were the leading contributors to the increase in real GDP in the second quarter of 2023. On the other hand, accommodation and food services decreased in 49 states and the District of Columbia. At the state level, utilities increased in all 50 states and the District of Columbia and was the leading contributor to growth in 22 states. Mining was the leading contributor to growth in eight states, including Wyoming (8.7 percent), the state with the largest increase in real GDP. Agriculture, forestry, fishing, and hunting was the leading contributor to growth in 6 states, including Kansas (7.4 percent) and Nebraska (5.9 percent), the states with the second- and third-largest increases in real GDP, respectively. Accommodation and food services was the leading contributor to the decrease in Vermont (-1.9 percent), the state with the largest decline in real GDP. [i] BEA prepares quarterly estimates for 23 industry groups. For this analysis, Federal Civilian, Military, and State and Local are combined under “Government and government enterprises”. ‹ Job Openings Fall – But Not For ConstructionTags: gdp, macroeconomics, state and local markets, state GDP

State-Level GDP in the Second Quarter of 20232023-12-06T09:23:35-06:00

Unraveling the Complex Tapestry of Inflation Dynamics: Post-Covid Changes

2023-11-30T09:15:54-06:00

The report from the Federal Reserve Bank of Boston discusses the recent trends in consumer price inflation, focusing on the period from 2021 to June 2023. After experiencing elevated readings in 2021 and 2022, inflation has moderated this year. The total consumer price index (CPI) decreased from 6.4 percent in December 2022 to 3.1 percent in June 2023, with core inflation (excluding food and energy prices) declining from 5.7 percent to 4.9 percent over the same period. However, the moderation in inflation is not uniform across all sectors. Persistently high shelter inflation, accounting for 43 percent of the core CPI consumption basket, has contributed to the stickiness in core inflation. Excluding shelter from the core index, inflation slowed from 4.5 percent to 2.8 percent. The trimmed-mean CPI and median CPI, which downweight extreme price movements, also declined but showed divergent trends. The Fed’s analysis delves into the distribution of inflation across consumption categories, revealing atypical features. While there have been declines in extreme tails (90th and 10th percentiles), intermediate percentiles continue to exhibit elevated inflation. The distribution shows bimodality, with some sectors experiencing low inflation and others showing relatively high inflation. This is particularly evident in the core inflation distribution excluding shelter and used vehicles. The findings suggest that sectoral adjustments play a crucial role in driving inflation dynamics, consistent with the easing of supply bottlenecks. However, there is uncertainty about the persistence of supply-side factors influencing inflation. The distributional analysis indicates that the dispersion in the distribution of price changes is still atypical, although it is moving closer to pre-pandemic patterns. The report emphasizes the role of sector-specific price adjustments in recent inflation dynamics, a phenomenon less pronounced in the years preceding the pandemic. It notes that the persistence of inflation ranks has been relatively low, cautioning against selectively focusing on categories with surprisingly low or high inflation. Further analysis of the inflation outlook suggests optimism, with a decline in some measures of underlying inflation. However, caution is advised, as the distribution remains somewhat bimodal, unlike periods of low inflation before the pandemic. The decline in inflation has been influenced by unusually large deflation in some categories, which may not be sustained. In conclusion, the publication provides a detailed analysis of recent inflation trends, highlighting the complex and uneven nature of inflation dynamics across consumption categories. It underscores the importance of considering sector-specific adjustments and warns against overly optimistic interpretations of recent improvements in inflation metrics. ‹ Declines for AD&C LendingTags: Boston Fed, cpi, housing costs, inflation, shelter

Unraveling the Complex Tapestry of Inflation Dynamics: Post-Covid Changes2023-11-30T09:15:54-06:00

Home Prices Continue to Rise in September

2023-11-28T11:18:42-06:00

By Jing Fu on November 28, 2023 • National home prices continued to increase in September. Despite rising mortgage rates, limited inventory and solid but weakened demand provided solid support for home prices. Locally, all of 20 metro areas had positive home price appreciation in September. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 8.1% in September, slightly slower than a 9.8% increase in August. It is the eighth consecutive annual gain since February 2023. National home prices are now 69% higher than their last peak during the housing boom in March 2006. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 3.9% annual gain in September, following a 2.5% increase in August. Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 7.6% in September, following an 8.8% increase in August. On a year-over-year basis, the FHFA Home Price NSA Index rose by 6.0% in September, up from 5.8% in the previous month. In addition to tracking national home price changes, S&P CoreLogic reported home price indexes across 20 metro areas in September. All of 20 metro areas had positive home price appreciation. Their annual growth rates ranged from 1.9% to 18.9%. Among all 20 metro areas, 14 metro areas exceeded the national average of 8.1%. Las Vegas led the way with an 18.9% increase, followed by Detroit with a 17.1% increase and Phoenix with a 14.7% increase. The scatter plot below lists the 20 major U.S. metropolitan areas’ annual growth rates in August and in September 2023. The X-axis presents the annual growth rates in August; the Y-axis presents the annual growth rates in September. Nine out of the 20 metro areas, the dots above the blue line, had an acceleration in home price growth, while the remaining 11 metro areas, located below the blue line, experienced deceleration. ‹ Absorption of New Multifamily Units Rises as Completions Near 100K in Second Quarter of 2023Tags: FHFA Home Price Index, home prices, S&P CoreLogic Case-Shiller Home Price Index

Home Prices Continue to Rise in September2023-11-28T11:18:42-06:00

Inflation Cools While Shelter Costs Remain High

2023-11-14T10:17:50-06:00

Consumer prices in October remained unchanged, with the increase in shelter index being offset by the decline in the gasoline index. This cooling inflation increases the probability that the Fed is done increasing rates. Despite the slowdown, shelter costs continue to be a key driver of inflation, accounting for over 70% of the total increase in all items excluding food and energy. The Fed’s ability to address rising housing costs is limited as shelter cost increases are driven by a lack of affordable supply and increasing development costs. Additional housing supply is the primary solution to tame housing inflation. The Fed’s tools for promoting housing supply are at best limited. In fact, further tightening of monetary policy will hurt housing supply by increasing the cost of AD&C financing. This can be seen on the graph below, as shelter costs continue to rise despite Fed policy tightening. Nonetheless, the NAHB forecast expects to see shelter costs decline further later in 2023, supported by real-time data from private data providers that indicate a cooling in rent growth. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) was unchanged in October on a seasonally adjusted basis, following an increase of 0.4% in September. The price index for a broad set of energy sources fell by 2.5% in October as the decline in gasoline index (-5.0%) and fuel oil index (-0.8%) more than offset the increases in natural gas index (+1.2%) and electricity index (+0.3%).  Excluding the volatile food and energy components, the “core” CPI rose by 0.2% in October, after rising 0.3% in September. Meanwhile, both the food index and food at home index increased by 0.3% in October. In October, the indexes for shelter (+0.3%) was the largest contributors to the increase in the core CPI. Among the other indexes that rose in October include index for motor vehicle insurance (+1.9%), recreation (+3.2%), personal care (+6.0%) and household furnishings and operations (+1.7%). Meanwhile, the indexes for lodging away from home (-2.5%), used car and trucks (-0.8%) and communication (-0.3%) and airline fares (-0.9%) declined in October. The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.3% in October, following an increase of 0.6% in September. The indexes for owners’ equivalent rent (OER) increased by 0.4% and rent of primary residence (RPR) increased by 0.5% over the month. Monthly increases in OER have averaged 0.5% over the last ten months. These gains have been the largest contributors to headline inflation in recent months. During the past twelve months, on a not seasonally adjusted basis, the CPI rose by 3.2% in October, following a 3.7% increase in September. The “core” CPI increased by 4.0% over the past twelve months, following a 4.1% increase in September. This was the slowest annual gain since September 2021. The food index rose by 3.3% while the energy index fell by 4.5% over the past twelve months. NAHB constructs a “real” rent index to indicate whether inflation in rents is faster or slower than overall inflation. It provides insight into the supply and demand conditions for rental housing. When inflation in rents is rising faster (slower) than overall inflation, the real rent index rises (declines). The real rent index is calculated by dividing the price index for rent by the core CPI (to exclude the volatile food and energy components). The Real Rent Index rose by 0.3% in October. Related ‹ Number of Bathrooms in New Single-family Homes in 2022Tags: BLS, cpi, housing costs, inflation

Inflation Cools While Shelter Costs Remain High2023-11-14T10:17:50-06:00

Consumer Debt Grows at Slowest Pace Since 2020

2023-11-08T12:18:34-06:00

By David Logan on November 8, 2023 • Consumer credit outstanding growth slowed to 0.4% in the third quarter of 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving debt grew 8.6% and nonrevolving debt declined 2.4%. On a monthly basis, revolving credit outstanding increased just 3.0% in September after surging 14.6% in August (SAAR). Total consumer credit outstanding stands at $4.98 trillion (break-adjusted[1] and seasonally adjusted), with $1.29 trillion in revolving debt and $3.69 trillion in nonrevolving debt. Seasonally adjusted revolving and nonrevolving debt accounted for 25.9% and 74.1% of total consumer debt, respectively. Revolving consumer credit outstanding as a share of the total increased 0.5 percentage point over the quarter and is the highest since Q1 2019. Auto and Student Loan Debt With every quarterly G.19 report, the Federal Reserve releases a memo item covering student and motor vehicle loans’ outstanding. Together, student and auto loans made up 88.6% of nonrevolving credit balances (NSA)—tied for the smallest share since Q1 2011 and equal to the share one year ago. The balance of student loans decreased 1.6% in the third quarter (not seasonally adjusted), superseding a prior month’s report that showed a $30.0 billion increase. In contrast, the amount of auto loan debt outstanding increased $14.2 billion and stands at $1.53 trillion (NSA).  [1] The results of the 2020 Census and Survey of Finance Companies–delayed by the pandemic–are now incorporated in the Consumer Credit (G.19) statistical releases and include large revisions dating back to June 2021. Rather than retain the large spike in credit that now appears in the raw data, we have used the “break-adjusted” historical time series developed by Moody’s Analytics and will continue to do so moving forward. Click here for more information. Related ‹ Small Jump In Mortgage Activity As Rates DecreaseTags: consumer credit, consumer debt, credit, credit card debt, credit conditions, debt, Federal Reserve, household debt, nonrevolving credit, nonrevolving debt, revolving credit, student loan debt, student loans

Consumer Debt Grows at Slowest Pace Since 20202023-11-08T12:18:34-06:00

New Homes Built with Private Wells and Individual Septic Systems in 2022

2023-10-27T08:16:48-05:00

NAHB tabulation of data from the Survey of Construction (SOC) indicates shares of new single-family homes built with private wells and individual septic systems increased in 2022, compared with the previous year. About 10% of new single-family homes started in 2022 were served by individual wells and 18% had private septic systems. These shares, however, vary widely across the nine Census divisions with the corresponding shares reaching 38% and 46% in New England – the highest occurrence rates in the nation. The SOC classifies community or shared water supply/wells as public water rather than individual wells. Nationally, 10% of new single-family homes started in 2022 were served by individual wells, while most of new homes were served by public water systems, including community or shared water supply/wells. In New England, where the median lot size is 2.5 times larger than the national median, 38% of new single-family homes were built with individual wells. The reliance on private wells was also relatively common in the East North Central division where nearly 25% of new single-family homes started in 2022 were built with individual wells. The Middle Atlantic division registered the third highest share of homes built with individual wells with the share of 15%. These three divisions and the South Atlantic division (12%) exceeded the national average of 10%. In contrast, individual wells were almost non-existent in the East South Central and West South Central divisions where their shares were 1% and 2%, respectively. Like public water/individual wells, sewage disposal systems are classified by public sewers (including community or shared sewage/septic systems) and individual septic systems. Nearly 82% of new single-family homes started in 2022 were serviced by public sewers. The share of new home built with individual septic systems increased from 16% in 2021 to 18% in 2022. The incidence of individual septic systems among new single-family starts varies by division. In New England, about 46% of new single-family homes started in 2022 had private septic systems. Individual septic systems were also relatively common in the East South Central and the East North Central divisions, where 29% and 27% of homes started in 2022 had a private septic system, respectively. The share of individual septic systems in the South Atlantic division was 24%, above the national average of 18%. The shares of individual septic systems were below the national average in the Middle Atlantic (16%), West North Central (13%), Mountain (12%), West South Central (8%), and Pacific (7%) divisions. Compared to the previous year, the share of new single-family homes built in 2022 with individual septic systems increased in six divisions, while the share decreased in the Pacific, West South Central and East South Central division. It is noticeable that in the Middle Atlantic division the share of individual septic systems increased from 11% in 2021 to 16% in 2022, while the share in the East South Central division decreased from 35% in 2021 to 29% in 2022. Related ‹ Housing Share of GDP Remains Flat in the Third Quarter of 2023Tags: community septic systems, individual septic system, individual wells, new single family homes, private septic system, public sewage system, public water system, shared sewage, shared water wells, survey of construction Leave a Reply

New Homes Built with Private Wells and Individual Septic Systems in 20222023-10-27T08:16:48-05:00

U.S. Economic Growth Accelerates in the Third Quarter

2023-10-26T12:22:37-05:00

The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7% increase in the second quarter. The Personal Consumption Expenditures (PCE) Price Index, capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior, rose 2.9% in the third quarter, up from a 2.5% increase in the second quarter. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.9% in the third quarter of 2023, following a 2.1% gain in the second quarter. It is the biggest jump since the fourth quarter of 2021 and the fifth consecutive quarterly increase in GDP. This quarter’s growth was close to NAHB’s forecast of a 5.0% increase. This quarter’s increase in real GDP reflected increases in consumer spending, private inventory investment, exports, government spending, and residential fixed investment, partially offset by a decrease in nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. Consumer spending rose at an annual rate of 4.0% in the third quarter, reflecting increases in both services and goods. While expenditures on services increased 3.6% at an annual rate, goods spending increased 4.8% at an annual rate, led by recreational goods and vehicles (+15.8%). Meanwhile, the increase in private inventory investment reflected increases in manufacturing and retail trade. Nonresidential fixed investment decreased 0.1% in the third quarter, following a 7.4% increase in the second quarter. A decrease in equipment (-3.8%) was partly offset by increases in intellectual property products (2.6%) and structures (1.6%). Additionally, residential fixed investment (RFI) rose 3.9% in the third quarter. This was the first gain after nine consecutive quarters for which RFI subtracted from the headline growth rate for overall GDP. Within residential fixed investment, single-family structures rose 21.6% at an annual rate, multifamily structures rose 4.5% and improvements decreased 1.7%. Related ‹ All-Cash Share of New Home Sales Climbs in Q3Tags: economics, gdp, macroeconomics, macroeconomy, PCE, residential fixed investment

U.S. Economic Growth Accelerates in the Third Quarter2023-10-26T12:22:37-05:00

Employment Situation in September: State-Level Analysis

2023-10-20T15:16:22-05:00

Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September, following a gain of 227,000 jobs in August. On a month-over-month basis, employment data was strong in Texas, which added 61,400 jobs, followed by New York (+21,700), and Florida (+19,600). Nine states lost a total of 21,700 jobs with Michigan reporting the steepest job losses at 10,000.  In percentage terms, employment in South Dakota increased by 0.9% while Montana reported a 0.3% decline between August and September. Year-over-year ending in September, 3.2 million jobs have been added to the labor market. Except for Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 435,800 jobs in Texas to 2,600 jobs added in Vermont. Rhode Island lost 3,500 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase by 3.4%, while Rhode Island decreased by 0.7% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 27 states reported an increase in September compared to August, while 20 states lost construction sector jobs. New Hampshire reported no change on a month-over-month basis. Oregon added 3,200 construction jobs, while Virginia lost 3,800 jobs. Overall, the construction industry added a net 11,000 jobs in September compared to the previous month. In percentage terms, Rhode Island increased by 2.8% while Alaska reported a decline of 3.5% between August and September. Year-over-year, construction sector jobs in the U.S. increased by 217,000, which is a 2.8% increase compared to the September 2022 level. Texas added 19,900 jobs, which was the largest gain of any state, while Missouri lost 6,500 construction sector jobs. In percentage terms, Wyoming had the highest annual growth rate in the construction sector by 11.1%. Over this period, North Dakota reported a decline of 5.4%. Related ‹ Market in Focus: Arizona Growing Quickly After Declines in 2020Tags: construction labor, economics, state and local markets, state employment

Employment Situation in September: State-Level Analysis2023-10-20T15:16:22-05:00

Shelter Drives Over Half of Headline CPI Increase

2023-10-12T10:17:46-05:00

Consumer prices in September remained stable, with housing and gasoline cost continuing to be key drivers. Despite the slight annual slowdown, shelter costs remain elevated, accounting for over 70% of the total increase in all items excluding food and energy. The Fed’s ability to address rising housing costs is limited as shelter cost increases are driven by a lack of affordable supply and increasing development costs. Additional housing supply is the primary solution to tame housing inflation. The Fed’s tools for promoting housing supply are at best limited. In fact, further tightening of monetary policy will hurt housing supply by increasing the cost of AD&C financing. This can be seen on the graph below, as shelter costs continue to rise despite Fed policy tightening. Nonetheless, the NAHB forecast expects to see shelter costs decline further later in 2023, supported by real-time data from private data providers that indicate a cooling in rent growth. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in September on a seasonally adjusted basis, following an increase of 0.6% in August. The price index for a broad set of energy sources rose by 1.5% in August as the increase in gasoline index (+2.1%), electricity (+1.3%) and fuel oil index (+8.5%) more than offset the declines in natural gas index (-1.9%).  Excluding the volatile food and energy components, the “core” CPI rose by 0.3% in September, as it did in August. Meanwhile, the food index increased by 0.2% in September with the food at home index rising 0.1%. In September, the indexes for shelter (+0.6%) and gasoline (+2.1%) were the largest contributors to the increase in the headline CPI. Meanwhile, the indexes for used car and trucks (-2.5%) and apparel (-0.8%) declined in September. The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.6% in September, following an increase of 0.3% in August. The indexes for owners’ equivalent rent (OER) increased by 0.6% and rent of primary residence (RPR) increased by 0.5% over the month. Monthly increases in OER have averaged 0.5% over the last nine months. These gains have been the largest contributors to headline inflation in recent months. During the past twelve months, on a not seasonally adjusted basis, the CPI rose by 3.7% in September, the same increase as in August. The “core” CPI increased by 4.1% over the past twelve months, following a 4.3% increase in August. This was the slowest annual gain since October 2021. The food index rose by 3.7% while the energy index fell by 0.5% over the past twelve months. NAHB constructs a “real” rent index to indicate whether inflation in rents is faster or slower than overall inflation. It provides insight into the supply and demand conditions for rental housing. When inflation in rents is rising faster (slower) than overall inflation, the real rent index rises (declines). The real rent index is calculated by dividing the price index for rent by the core CPI (to exclude the volatile food and energy components). The Real Rent Index rose by 0.2% in September. Related ‹ Remodeling Market Sentiment Declines in Third Quarter of 2023Tags: BLS, cpi, inflation

Shelter Drives Over Half of Headline CPI Increase2023-10-12T10:17:46-05:00
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