The number of U.S. homes that typically change hands as people relocate for work, retire or trade-up for more living space hasn't been this low in nearly 30 years. About 28 out of every 1,000 homes changed hands between January and September, the lowest U.S. home turnover rate going back to at least the 1990s, according to an analysis by Redfin.
The challenging U.S. labor market is entering a new normal, according to Goldman Sachs economists David Mericle and Pierfrancesco Mei, who tackled the phenomenon of "jobless growth" in an October 13 note. It resonates with what Federal Reserve chair Jerome Powell memorably described in September as a " low-hire, low-fire " labor market and the fact that, for some reason, "kids coming out of college and younger people, minorities, are having a hard time finding jobs."
The "low-hire, low-fire" US labor market is leaving millions on the outside looking in. It's not just recent college graduates who are struggling to find entry-level positions. Out-of-work mid-career employees are taking part-time jobs, and hiring has stalled in industries from professional services to manufacturing. More than a quarter of the jobless have been out of work more than a half-year - the highest share since the mid-2010s excluding the pandemic-era years.
A growing sense of economic pessimism is taking hold in the U.S., as new Fannie Mae survey data reveals nearly 70% of Americans believe the economy is headed in the wrong direction. An even higher percentage (73%) say it's a bad time to buy a house. Coupled with mounting concerns about the housing market, the findings underscore the challenges facing would-be homebuyers, and paint an increasingly bleak picture for consumer sentiment as autumn begins.
How a universal severance package works Earlier in September, NBCUniversal notified its U.S. and U.K. employees that come 2026, they must return to the office four days a week - with the option to work remotely on Friday [3]. NBCUniversal employees who don't want to return to the office can take a flat-rate severance package of eight weeks' salary and three months' healthcare coverage.
Since the end of the pandemic, consumers have proved to be the backbone for the American economy-much to the surprise of some of Wall Street's biggest names. This underlying strength has pushed the U.S. stock market to record highs this year, with analysts pricing in continued growth of the S&P 500. But the ever-reliable consumer is beginning to look shaky, courtesy of an unpleasant mix of a stagnating jobs market and sticky inflation.
Federal Reserve Chair Jerome Powell recently addressed the challenging economic situation faced by the United States, citing weakening labor market conditions and persistent inflation. Powell emphasized the Fed's dual mandate to maintain stable prices and maximum employment, acknowledging the risks on both fronts. Despite the concerns, Powell expressed optimism about the resilience of the U.S. economy amidst policy changes. While Powell defended the Fed's current rate policy, he hinted at the possibility of further rate cuts if necessary, emphasizing that policy decisions are not predetermined.
