State of the union
The US economy is in an unusual state, and keeping track of the latest data isn't easy, so here are 4 key trends we're watching:
Mortgage rates: The average 30-year fixed rate hit 5.3% this week, the highest since 2009. Higher borrowing costs could cool the US housing market — where typical prices have jumped 15% in the last year.
Millions of quitters: More Americans are saying "I quit" than ever before, with a record 4.5 million Americans leaving their jobs in March.
Unemployment: With a record 11.5 million jobs open, Americans looking for work are generally finding it — with the unemployment rate hovering near a record low of 3.6%.
Inflation: Monetary stimulus from the pandemic, supply chain shortages and the growing energy crisis have all contributed to inflation hitting 8.5% year-on-year.
