The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in April on a seasonally adjusted basis after rising 0.6 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment. This is the largest 12-month increase since a 4.9-percent increase for the … [More]
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Small Business Job Openings Reach Record High for Third Straight Month, Says NFIB Report
NFIB
A new NFIB’s jobs report for April shows a record 44% of all small business owners report having job openings they could not fill, 22 points higher than the 48-year historical average, and two points higher than the 42% figure from March. April is the third consecutive month with a record-high reading of unfilled job openings among small businesses. “The tight … [More]
Employment Rises by 266,000 in April, Unemployment Rate Changes Little at 6.1%
U.S. Bureau of Labor Statistics
Total nonfarm payroll employment rose by 266,000 in April, and the unemployment rate was little changed at 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains in leisure and hospitality, other services, and local government education were partially offset by employment declines in temporary help services and in couriers and messengers. … [More]
Top 5 Sun Belt Markets for Industrial Construction, Phoenix Is No. 3
inbusinessPHX.com
Following the explosive growth of the industrial sector in 2020, developers continue to move forward, with nearly 370 million square feet of projects underway at the end of April, according to CommercialEdge data. The rapid expansion of e-commerce companies persists in driving demand for modern facilities, as does recovering port traffic volumes. As demand pushes … [More]
Arizona Projected to Add Nearly 550,000 Jobs by 2029
inbusinessPHX.com
The Arizona Office of Economic Opportunity is projecting the state will add more than half a million jobs over the next eight years, continuing a surge in economic growth. “Arizona has become a jobs magnet,” said Governor Doug Ducey. “Not only are jobs booming, wages are rising faster at one of the fastest rates in the country. Our recovery is moving forward and there is … [More]
U.S. Unemployment Claims Fall to a Pandemic Low of 498K
U.S. Department of Labor
in the week ending May 1, the advance figure for seasonally adjusted initial claims was 498,000, a decrease of 92,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 37,000 from 553,000 to 590,000. The 4-week moving average was 560,000, a decrease of 61,000 … [More]
Phoenix Tops Nation in April Small Business Wage Gains, Arizona Is Third
By Eric Jay Toll for PHXNewsroom
Phoenix topped the nation with a 5.67 percent hourly wage hike, based on one-month annualized wage growth data, in small businesses compared to a year ago, according to the monthly Small Business Employment Watch from Paychex IHS Markit. The average metro area small business is currently paying wages of $28.26 per hour. The U.S. average is $29.09, increasing only 2.84 … [More]
Millennials Propel Home Buying: Strong Demand and Short Supply Push U.S. Home Prices Higher in March
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for March 2021. As consumer confidence rebounds and the job market picks back up, the 2021 spring homebuying season is on track to outpace trends seen in 2019 and 2018. Millennials lead the homebuying charge … [More]
Survey: Small Business Recovery Working toward Pre-Crisis Levels
NFIB
The NFIB Research Center released its latest COVID-19 survey on the impact the pandemic has had on small businesses. This survey is NFIB’s 17th survey in the series. Included in this edition is an update on small business SBA programs, paid sick or family leave, supply chain disruptions, sales levels, and more. “Many small businesses have taken advantage of the SBA … [More]
Increased Longevity and the Impact on Retirement Planning
by Jason Romero
Over the last several decades, our life expectancy rate has continually increased. Today, the average expectancy is around 80 years in the United States. The U.S. Census Bureau projects longer life expectancy for decades to come. By the year 2060, life expectancy is projected to have continued its steady increase. In addition to this forward-looking projection, life … [More]
U.S. Jobless Claims Drop to 553K, Lowest since Pandemic Hit
U.S. Bureau of Labor Statistics
In the week ending April 24, the advance figure for seasonally adjusted initial claims was 553,000, a decrease of 13,000 from the previous week's revised level. The previous week's level was revised up by 19,000 from 547,000 to 566,000. The 4-week moving average was 611,750, a decrease of 44,000 from the previous week's revised average. This is the lowest level for this average … [More]
Economy Grew 1.6% in Q1 2021, a 6.4% Annual Rate
U.S. Bureau of Economic Analysis
Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2020, real GDP increased 4.3 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the … [More]
Housing Gains Could Grow Black Wealth More Than $500 Billion in a Decade
Zillow
Incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade, according to a new Zillow analysis. Today's typical Black household has only about 23% of the wealth of a typical white household, down from 34.6% before the Great Recession. … [More]
Surge in New Listings Signals Potential Relief for Frustrated Home Shoppers
Zillow
New data in Zillow's® Monthly Market Report1 suggests the inventory crunch bedeviling home searchers may be starting to turn around as record appreciation of home values makes it more enticing to sell. Meanwhile, the recovery of rents is gaining broad momentum and touching double-digit annual gains in hot markets like Phoenix and Riverside. Although continued demand for … [More]
Greater Phoenix Chamber Releases Q1 Arizona Business Index
Greater Phoenix Chamber
The Greater Phoenix Chamber recently released the Q1 Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI). “We are especially encouraged by the change in perception related to the pandemic,” said Todd Sanders, president and CEO of the Greater Phoenix Chamber. “Arizona consumers of all ages are showing a willingness to get vaccinated, which will help … [More]
Greater Phoenix Adds 10,000 Jobs in March
by Eric Jay Toll
The Greater Phoenix metro area gained almost 10,000 jobs in March 2021 over February numbers in the Arizona Office of Economic Opportunity latest report. The Phoenix workforce grew to 2.2 million in the 13 months since the coronavirus pandemic started. Year-over-year, the metro area workforce is still over 50,000 jobs short of March 2020 … [More]
U.S. Jobless Claims Fall Again as Employment Picture Strengthens
U.S. Department of Labor
In the week ending April 17, the advance figure for seasonally adjusted initial claims was 547,000, a decrease of 39,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 10,000 from 576,000 to 586,000. The 4-week moving average was 651,000, a decrease of … [More]
Bounce Back Endures: February Continued Single-Family Rent Growth but Recovery is Unbalanced, Says Report
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. February 2021 data shows a national rent increase of 3.9% year over year, up from a 3% year-over-year increase in February … [More]
