U.S. labor market softening; imported inflation benign
WASHINGTON - The number of Americans filing applications for unemployment benefits increased more than expected last week, suggesting the labor market was slowing, but probably not to the extent implied by a near-stall in job growth in February.
“If the Fed is reading the tea leaves the economic brew of data are distinctly on the weak side today, and will keep Fed policy cemented in place at next week’s meeting,” said Chris Rupkey, chief economist at MUFG in New York. Hiring is also being constrained by a weakening economy as stimulus from a $1.5 trillion tax cut diminishes. Washington’s trade war with Beijing, slowing demand overseas and uncertainty over Britain’s exit from the European Union are also hurting economic activity.
Expensive lumber as well as land and labor shortages are constraining builders from ramping up construction of homes in this market segment. There are concerns that lower house prices could encourage builders to cut back on new projects. The median new home price fall 3.8 percent in January from a year ago.“Given the rising cost pressures builders are facing, this could suggest continued difficulty for new homes and new construction ahead,” said Danielle Hale, chief economist at realtor.com.
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