Market News

Job growth slowed sharply in July, with the national unemployment rate rising to its highest level since 2021. At the same time, the share of people holding more than one job ticked up to 5.3% in July from 5.2% in June. That is a significant increase from a pandemic low of 4% in April 2020 and average 4.94% average from 2010 through 2019.

Owning a home was a record 47% more expensive than renting for the 12 months ending in June.

The number of U.S. hotels with an average daily rate of $1,000-plus in the first half of this year was 80, compared with 22 in 2019. In Europe, the number of places tripled, to 183.

Many landlords support eviction diversion program goals, especially when tied to rental assistance. They can often recover unpaid rent that is otherwise difficult to obtain in court.

“We do not seek or welcome further cooling in labor market conditions,” Powell said in a speech at the central bank’s annual gathering in the Grand Teton National Park on Friday. “The time has come for policy to adjust.”

Sales of previously owned homes in July rose 1.3% from the prior month to a seasonally adjusted annual rate of 3.95 million. That was the lowest level for any July since 2010. On an annual basis, existing-home sales, which make up most of the housing market, fell 2.5%.

As of July, consumer prices for food at home were 26% higher than they were at the end of 2019.

The gold spot price settled at $2,500.05 a troy ounce at an auction on Monday morning. It was the first time in the market's over 100-year history that this price exceeded $2,500.

Sonder Holdings, a global brand of premium apartment-style accommodations, announced that it has entered into a long-term strategic licensing agreement with Marriott International.

Now, 8.5% of U.S. homes have an estimated value of $1 million or more, a record high. That is up from 7.6% a year ago and more than double the 4% recorded before the pandemic.