Tuesday, August 1, 2017

Economic Snapshot

Housing: The median home price for Los Angeles County increased 7.4% in June to $569,000, setting a record high. Orange County increased 6.1% in June to $695,000, compared from a year earlier.

Jobs: Data from the California Employment Development Department showed employers reduced their payrolls by 1,400 in June. Unemployment remained at 4.7%, the lowest since November 2000.

LEI: The San Diego Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego reached 144.4 in June, the highest in 17 years. There were 2,100 construction permits issued in June.

Q2 GDP Highlights: The first estimate of Q2 GDP showed GDP increased at a 2.6% annualized rate from the prior quarter. Q1 was revised to 1.2% from 1.4%.

Consumer Spending: Consumer spending increased 2.8% in Q2 according, to data from the Commerce Department.

Wages: The Commerce Department data showed wages and salaries increased 0.5% in Q2, down from a 0.8% increase in Q1.

Federal Reserve: After the last policy meeting the Federal Reserve decided to keep rates unchanged. The Fed still anticipates “gradual” rate hikes however economists are predicting there will be no further rate increases in 2017, unless inflation increases.

Bank Confidence: A Gallup survey found 26% of Americans have “a great deal” or “quite a lot” of confidence in banks. American confidence in banks was 21% in 2012 and 41% in June 2007.

Debt: Data analyzed from the Federal Reserve Bank of New York’s Center for Microeconomic Data Charts showed student loan debt increased 828.3% since 1999. Auto debt increased 137.2% and credit card debt increased 23.6%.

"Data from the Federal Reserve Bank of New York's Center for Microeconimc Data Charts showed student loan debt increased 828.3% since 1999." 


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