6/14/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
CPI up 1.0 percent in May and 8.6 percent year-on-year
The CPI rebounded 1.0% in May (up from 0.3% in April),and was up 8.6% year-on-year, marking a new 41-year high. Year-over-year, the energy index rose 34.6% (the highest bump since 9/05) and the food index rose 10.1% (the highest bump since 3/81). The ‘core’ index minus more volatile food and energy costs rose 0.6% in May, the same as in April but double the rate in March, and was up 6.0% year-over-year.
https://www.bls.gov/news.release/cpi.nr0.htm
Early June consumer sentiment index plummets to lowest level since 1980 recession
Consumer sentiment declined by 14% from May and is down over 41% year-on-year, continuing a downward trend over the last year and reaching its lowest recorded value, comparable to the trough reached in the middle of the 1980 recession. All components of the sentiment index fell this month, with the steepest decline in the year-ahead outlook in business conditions, down 24% from May.
Median age of owner-occupied homes now over 40 years vs. 31 years in 2005
The median age of owner-occupied homes is 39 years, according to the latest data from the 2019 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. Residential construction continues to fall behind in the number of new homes built especially after the Great Recession.