The S&P global Purchase Manager’s Index dropped 6% this month, corroborating the slow down in the labor market. Last week’s Jobs Report showed that 25% of all individuals currently on unemployment are nearing their six month expiry mark, which is the most expiring benefits we will have seen in the last three years. Though the Unemployment Rate didn’t change last week, there is a very high correlation with the percentage of expiring unemployment benefits and an increase in the actual unemployment rate. Sounds completely logical when you write it out like that, which is why I anticipate a higher Unemployment Rate next month.

The number of homes listed for sale nationwide has increased 30% year-over-year, but still down 16% from April 2019. Cotality (FKA Corelogic) shows home prices increased 0.6% last month, 2.2% year over a year, and they expect prices to increase an additional 4.9% over the next 12 months. Great news for homeowners. We just need more buyers out there snatching them up.