GREAT Economic news all over the place!
The monthly jobless figures were released today, and the economy added another 147,000 jobs, exceeding the anticipated 110,000 projected, and the unemployment rate fell slightly to 4.1%. Additionally, the jobs figures were revised upwards for the previous 2 months! A pleasant change from the end of the Biden administration, where they were revised DOWNWARD for 14 months in a row. Rates continue to slowly moderate, which is always welcome.
The S7P 500 is up over 8% for the year, and the Big Beautiful Bill has finally passed!
No matter where you come down on your view of the legislation, this is a significant step towards bringing long term stability to government and tax policy, which the markets will surely embrace. Uncertainty equates to risk to much of the economy and a big chunk of that is gone.
In the local real estate market things are still going strong, though not as strong as in the Spring or last year. Sales are down 1.5% from last year. We are currently at a 1.4 months supply of homes in NOVA. Remember a balanced market is somewhere in the 3 to 3.5 months supply so it’s still the seller’s world, but buyers are getting a little more comfortable.
All in all we’re looking at a promising Summer market. Have a wonderful 4th of July everyone!!
It’s a good life.
Chris
