Jobs looked solid, GDPNow is still tracking growth, and the economy is clearly not rolling over. But inflation made the whole picture harder to like.
In the latest RealPage Economy Express, Arben Skivjani, Deputy Chief Economist at RealPage, breaks down a mixed economic read: steady job growth, cautious hiring, hotter inflation, stretched consumers, and what it all means for apartment demand.
Employers added 172,000 jobs in May, unemployment held at 4.3%, and initial claims stayed low at 229,000. But April JOLTS showed quits still near 3 million, suggesting workers are holding on to what they have rather than jumping confidently into the next opportunity.
At the same time, CPI rose 4.2% from a year ago, PPI climbed 6.5%, and real hourly earnings were down 0.7% year-over-year. Consumers are still spending, but revolving credit jumped at a 10.4% annual rate, which points to tighter household budgets.
Watch the full episode below.