The Federal Reserve hopes to beat up the economy enough to make inflation come down. Their goal is to shed jobs and then force the price of goods down.
The ISS Manufacturing Index has been down the past 5 months, the lowest figure in more than a decade.
The JOLTS report for March had job openings drop to 9.93 million, the lowest since May of 2021.
The Bureau of Labor Statistics is revising their 5 year data to show higher ongoing and new unemployment claims.
Inflation went down by .1% in February and is down 2% from June 2022 until now.
The ADP payroll report had the private sector added 30% less jobs than expected. In all, the Fed's work has hit people's and business's spending power driving down new hires and production of goods.
All of this lead mortgage interest rates to go down by nearly .5% on Friday. More jobs numbers coming out this week could drive mortgage interest rates even lower.
The demand for homes is increasing again, but the supply of homes available is not keeping up with the demand.
Call Nathan Walldorf to get the real story on your Chattanooga home's value and/or on purchasing a Chattanooga home. 423-544-7700.