GDP: Gross domestic product was revised upward for Q1 2024 to 1.4%. Business spending and net exports were revised upward, though the latter was still a negative, while consumer spending was lowered.Disclosure 1
Jobs: Although the labor market appears to be cooling, it remains strong. U.S. payrolls added 206,000 jobs in June, beating expectations. However, the prior two months were revised downward by 111,000, taking the six-month average job gain to 222,300 (from 254,800 previously). The unemployment rate rose by 0.1 percentage points in June to 4.1%, the highest level in 31 months, but still well below what is considered full employment.Disclosure 2
Wages: Personal income rose 0.5% in May and is up 4.6% year-over-year.Disclosure 3
Apartment rental prices: Rent index rose 0.3% month over month in April, which is in-line with the pre-pandemic five-year average of 0.3% for April. Also, rents are up 3.6% from a year ago, but below the pre-pandemic five-year average of 4.2%.Disclosure 4
New-vehicle affordability: New-vehicle affordability improved in May as the number of median weeks of income needed to purchase the average new vehicle dropped to 37.1 weeks from a downwardly revised 37.6 weeks in April.Disclosure 5