Wage Growth Exceeds Expectations!

PRMG HOUSING MARKET NEWS AND UPDATES: May 27th, 2023

Job market takes us on a wild ride! With a whopping 253,000 jobs created, we’re all blown away – but wait, there’s a twist! Prior months saw a downward revision of 149,000 jobs. What does this mean for us? Well, it’s a bit of a mixed bag, but one thing’s for sure – our unemployment rate continues to make history, dropping to a mere 3.3%, the lowest we’ve seen since 1969. Wage growth exceeds expectations, triggering the wage-price spiral the Fed wants to avoid. Jobs creation remains strong, but the CPI report looms, with housing-related costs making up 38.5% of the index. April 2022 data will be replaced, leading to a drop in headline and core numbers. But where will it settle? Will the Fed wait for a crisis or stay high for longer as they’ve hinted? So many questions, so much uncertainty.

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