With both buyers and sellers feeling the squeeze from higher mortgage rates, and with homebuilders unable to keep up, the inventory of available homes has collapsed.
The Bureau of Labor Statistics’ most recent consumer price index indicates the cost of car insurance is up by more than 20% over the past year.
Dana Peterson, the chief economist at the Conference Board, told me its consumer confidence survey suggests people have increasingly been scrapping plans to buy homes and cars.
She added that consumers expect inflation and interest rates to come down, meaning that many may hold off on some big purchases until things improve.
“Employers are hiring as if there’s a relatively weak labor market, not a strong one,” said Matt Darling, a senior employment-policy analyst at the Niskanen Center, a center-right think tank.
In a consumerist society that encourages people to want more and a culture that prizes itself on economic mobility, this level of stillness is uncomfortable.
The original article contains 1,141 words, the summary contains 159 words. Saved 86%. I’m a bot and I’m open source!
This is the best summary I could come up with:
With both buyers and sellers feeling the squeeze from higher mortgage rates, and with homebuilders unable to keep up, the inventory of available homes has collapsed.
The Bureau of Labor Statistics’ most recent consumer price index indicates the cost of car insurance is up by more than 20% over the past year.
Dana Peterson, the chief economist at the Conference Board, told me its consumer confidence survey suggests people have increasingly been scrapping plans to buy homes and cars.
She added that consumers expect inflation and interest rates to come down, meaning that many may hold off on some big purchases until things improve.
“Employers are hiring as if there’s a relatively weak labor market, not a strong one,” said Matt Darling, a senior employment-policy analyst at the Niskanen Center, a center-right think tank.
In a consumerist society that encourages people to want more and a culture that prizes itself on economic mobility, this level of stillness is uncomfortable.
The original article contains 1,141 words, the summary contains 159 words. Saved 86%. I’m a bot and I’m open source!