Big gaming

February 3, 2023

• The 搁别补濒迟辞谤.肠辞尘庐 economics team update gives you the relevant economic and real estate information you need to know to navigate the housing market as a homebuyer, home seller, or industry professional.
• This week, Manager of Economic Research George Ratiu talks about the data highlighting a resilient economy at the start of 2023, despite gloomy expectations of a recession.
• He covers the ISM manufacturing index and the latest factory orders, which showed softening conditions for manufacturers.
• George discusses the strong labor market figures, which counterbalance the manufacturing picture: payroll employment rose by a stronger-than-expected 517,000, the unemployment rate dropped to 3.4%, jobless claims dropped below 200,000, while job opening rose to 11 million.
• While consumer confidence moderated in January on concerns over inflation, the Federal Reserve made another upward adjustment to its policy rate.
• On the real estate front, George talks about several Realtor.com releases. He talks about the joint report with The Wall Street Journal, authored by Chief Economist Danielle Hale and Economic Analyst Hannah Jones, which highlights emerging housing markets.
• He also mentions that latest Cross-Market Demand report, published by Economist Jiayi Xu, which shines the spotlight on the fact that the majority of shoppers are looking at homes within and across state lines, seeking affordability and strong local job markets.
• He also highlights Realtor.com鈥檚 January inventory data (released by Economic Data Manager Sabrina Speianu , which indicate that there are more homes for sale and they are spending longer on the market.
• Find details and 搁别补濒迟辞谤.肠辞尘庐 housing data for download at Big gaming/research.聽 And follow us on : , for real time updates.

VIDEO TRANSCRIPT:

• I鈥檓 George Ratiu, Manager of Economic Research with Realtor.com.
• We are in February and large sections of the country are under a blanket of snow. Moreover, Pennsylvania鈥檚 famous Punxsutawney Phil saw his shadow this week, hinting at 6 more weeks of winter. While the economy continues to hum along, real estate markets are feeling the season鈥檚 chilly effect.
• New economic data this week offered mixed signals, with some highlighting continued momentum, and others driving concerns over a looming recession.
• The ISM manufacturing index contracted for the third month in a row, reaching a low not seen since May 2020.
• Meanwhile, a separate report from the Commerce Department showed that factory orders rose in December, on the strength of durable-goods, especially commercial aircraft. However, excluding transportation goods, factory orders slid.
• Counterbalancing these figures were labor market indicators, with the employment market starting 2023 on a strong note. Companies added over 500,000 new jobs in January, outpacing market expectations by a wide margin, and the headline unemployment rate slid lower.
• Moreover, the number of open jobs rose at the end of last year to 11 million, with hotels, restaurants, retailers, and transportation companies looking for workers. The number of employees leaving for better opportunities exceeded 4 million for the 19^th month in a row.
• Meanwhile, in a sign of continued employment strength, initial jobless claims fell again last week to a nine-month low. Amid a labor shortage, even with well-publicized tech layoffs, companies are keeping workers on payrolls. Continuing claims also retreated.
• In light of the economic resilience, the Federal Reserve decided to increase its policy rate again, but this time by a smaller step. On the downside, the hikes will translate in higher rates for credit cards, automobile loans and adjustable-rate mortgages. On the upside, main price measures have notched visible slowdowns over the past 6 months.
• Within this context, consumer confidence moderated at the start of 2023, on worries about elevated inflation and a possible recession.
• On the housing front, this week, we released our joint report with The Wall Street Journal, focused on Emerging Housing Markets. The big takeaway? Americans are seeking affordability, quality of life, and strong local economies in midsized cities.
• The trends were mirrored in our Cross-Market Demand report, which showed that a majority of shoppers on our site are looking at homes outside of their current location, seeking lower-cost housing in metros with low unemployment rates.
• Also this week, Realtor.com鈥檚 January housing report shows a noticeable increase in the number of homes-for-sale, even with fewer sellers in the market. Meanwhile, with homes lingering longer on listing platforms, median prices are rising at a slower yearly pace, and are down 11% from last summer鈥檚 peak.
• Stay well this week! We will keep you up-to-date at our website and Twitter feed until next week鈥檚 video.
• You鈥檒l find all the details along with our housing data for download at Big gaming/research.聽 You can also follow us on for real time updates.

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