Unemployment applications are SURGING. Fed will be forced to cut rates in 2024.

Jerome Powell and the Federal Reserve just pivoted on their monetary policy signals for 2024. And are suggesting that interest rate hikes are over due to a slowing economy and increasing unemployment rate. This is potentially bad news for the Housing Market.

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The latest jobs report from the BLS shows that the unemployment rate in America spiked to 3.9%, the highest level in over a year. At the same time, wage growth slowed and continued unemployment applications are increasing, suggesting a cooling economy. This slowdown in the labor market is likely due to all the layoffs in the economy, with companies like Maersk, Charles Schwab, and Qualcomm doing big layoffs recently.

In addition, the simultaneous collapse of both the residential and commercial real estate sectors is likely scaring Jerome Powell. Because Housing is 15% of the US Economy, so the fact that mortgage applications to buy a house are down near all-time lows is an ominous sign. Moreover, the fact that commercial real estate values are plummeting in cities like San Francisco by as much as 50% presents contagion risk for banks and the economy at large, which could trigger a credit crunch.
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Видео Unemployment applications are SURGING. Fed will be forced to cut rates in 2024. канала Reventure Consulting