From 2020 through much of this year, residential rents were climbing steeply, in some markets by double digits each year, with potential tenants—sometimes numbering 40 or more—bidding against each other for the same home.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Dec 19 2023
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STORE SIZES SHRINKING, DEMAND FOR RETAIL SPACE GROWING
The average retail store is now the smallest since at least 2006, according to data service CoStar. At the same time, demand for retail space is its strongest in 18 years, with the national vacancy rate a scant 4.8 percent in this year’s third quarter, according to retail estate services firm CBRE.
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LAYOFFS MOUNTING: ALMOST 40 PERCENT OF COMPANIES WILL CUT STAFF IN 2024
Almost 40 percent of U.S. companies will cut their workforces in the new year, according to a poll of 906 executives by Resumé Builders, with even more imposing a hiring freeze.
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FED HOLDS RATES STEADY, PROJECTS THREE CUTS IN 2024
At its mid-December meeting, the U.S. Federal Reserve’s Open Market Committee not only froze interest rates at their current levels, but also said it expects to make three quarter-point rate cuts next year and drop rates by a full point in 2025.
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ECONOMIC UPDATE – MARKET OVERVIEW
Everything's coming up roses. In Japan, the world’s third-largest economy, its central bank said today that it will keep its cheap money scheme going (i.e. quantitative easing) and its negative 0.1 interest rates to juice up its economy which contracted at an annualized 2.9 percent rate in the last quarter.