There are now 476,000 new homes for sale in the US, the highest inventory since February 2008.
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UK and the eurozone have been lagging the US big time. Time for a wake-up call? Source: FT. Michel A.Arouet
This is a significant surge from the 2.8% share seen in March 2024, according to the NY Fed job situation and outlook survey. At the same time, the share of workers who reported searching for a job in the last 4 weeks increased to 28.4%, the highest since the survey began in 2014. This was also up 9 percentage points from 19.4% recorded in July 2023. Further evidence the labor market is weakening. Source: The Kobeissi Letter, Bloomberg