4 Data Points to Assess the Economy

As we wrap up 2022 and look ahead to 2023, many are wondering what will happen with the economy and real estate market.

We wish we had a crystal ball to tell you exactly what to expect, but there are 4 economic metrics to pay attention to over the next few months. Why do they matter? These metrics represent the health of the economy, give us an indication if the Federal Reserve will continue raising interest rates, and if mortgage interest rates will follow suit.

➡️ Dec 13: Consumer Price Index (CPI). This is the inflation rate that hits headlines when it’s released monthly and also one of the main data points that the Federal Reserve considers for their interest rate hikes.

➡️ Dec 14: The next Federal Reserve board meeting where they will decide if they are increasing rates once again. They meet every two months.

➡️ Dec 22: Gross Domestic Product (GDP) Quarter 3 data release. The GDP is released quarterly, but there are also monthly data releases of specific parts of the GDP of the previous quarter.

➡️ Jan 6: Unemployment rate. Economists are keeping a close eye on this particular metric. The hope is that this number increases as the economy slows down and inflation rates decrease. The current goal is around 5% unemployment.

Hoping to buy a home in early 2023? Pay close attention to the data releases above because they will influence where interest rates go for the new year.

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