Weekly Housing Market Update - 3/4/2022

This week, Manager of Economic Research George Ratiu offers the latest insights into the economy and housing, as signs of a post-pandemic reality firm up. With the Russia-Ukraine conflict casting dark shadows, U.S. economic momentum continued in February. George talks about the ISM manufacturing and services indices, which remained in growth territory, but diverged in direction. Manufacturing has been advancing, as global supply bottlenecks eased, a trend also underscored by the Census Bureau’s data on factory orders. However, George highlights that the conflict in Ukraine could upend the improvement, as both Russia and Ukraine are producers of raw materials for semiconductors.

George discusses the better-than-expected employment report, showing strong gains in payrolls and a further decline in the unemployment rate. He also points to jobless claims, which have declined into pre-pandemic ranges. George also mentions that the Federal Reserve Beige Book illustrated further economic growth, punctuated by expectations of higher inflation in the months ahead. In light of rising inflation and the strength in employment, the Fed Chairman mentioned this week in Capitol Hill testimony that the central bank expects to move forward with a tightening monetary policy.

0:33 - ISM Manufacturing Index trends, ISM Services Index trends
0:44 - Durable goods trends
1:01 - Unemployment rate
2: 01 - Real estate listings trends
2:17 - Weekly housing trends
2:29 - Mortgage rates

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