MetroIntelligence Economic Update by P. DUFFY
Initial unemployment claims dip another 35,000 to 310,000
In the week ending September 4, initial unemployment claims were 310,000, a decrease of 35,000 from the previous week’s revised level. Continued claims during the week ending August 28 were 2,783,000, a decrease of 22,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending August 21 was 11,930,415, a decrease of 255,757 from the previous week.
Growth in consumer credit use declines to 4.7 percent in July
In July, consumer credit increased at a seasonally adjusted annual rate of 4.7 percent, down from 10.6 percent in June. Revolving credit (such as credit cards) increased at an annual rate of 6.7 percent (vs. 22.3 percent in June), while nonrevolving credit (such as car and student loans) increased at an annual rate of 4.1 percent (vs. 7.2 percent in June).
CoreLogic: Home prices up 18.0 percent year-on-year, but growth expected to flatten
In July, home prices nationwide, including distressed sales, increased year over year by 18% in July 2021 and increased month over month by 1.8% versus June. The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.7% from July 2021 to August 2021, and on a year-over-year basis by 2.7% from July 2021 to July 2022.