U.S. Economic News

July 7, 2020

U.S. Economic Indicators

The Job Openings and Labor Turnover Survey (“JOLTS”) report indicates that the number of job openings increased 401,000 to 5.4 million in May. The number of hires increased to a series high of 6.5 million, while the quits rate rose to 1.6 percent. BLS Report

U.S. News

Bloomberg reports that U.S. house prices are expected to experience the first annual decline since 2012 during the 12 months ending May 2021, falling by an estimated 6.6% according to a recent forecast by CoreLogic. As the pandemic wears on and unemployment remains elevated, the recent buying spree driven by pent-up demand and low interest rates will ease, causing home prices to decline overall. Bloomberg

According to the Wall Street Journal, the OECD predicts that the jobless rate for OECD members will hit 9.4% in the final three months of the year – the highest level since the 1930s – and could rise as high as 12.6% if there is a second wave of coronavirus outbreaks. The research group warned that the premature withdrawal of government stimulus and wage subsidy schemes could hinder recovery, and is advocating for the creation of additional government programs to encourage hiring. WSJ