The Bureau of Labor Statistics reports that U.S. employers hired 201,000 new workers in August, above the 187,000 expected. However, June and July were revised lower by a total of 50,000 jobs. The big number within the report was the 0.4%t gain in wages from July to August, while year-over-year wages increased by 2.9%, the highest annual increase in nine years. The Unemployment Rate remained at 3.9%. Overall it was a solid report as the labor market is near or at full employment.
ATTOM Data Solutions reports the rate of home flipping declined in the second quarter of 2018 to a four-year low as the survey revealed that the number of distressed or low-priced homes for sale on the market dropped. There were 48,768 single-family homes flipped in the second quarter, which makes up about 5.2% of all sales. That figure is down 5.4% from a year ago. A flip is defined as a home that has been sold more than once in a 12-month period. “Fewer distressed sales are limiting the ability of home flippers to find deep discounts even while rising interest rates are shrinking the pool of potential buyers for flipped homes,” says Daren Blomquist, ATTOM’s senior vice president.
The national average price for a regular gallon of gasoline rose to $2.85 this week, but lower prices can be seen on the horizon. With the arrival of fall in a few weeks, demand for gas will ease as there will be less drivers on the road with summer vacations behind us. “With summer in the rearview mirror, demand is expected to significantly drop off in the coming weeks which means motorists can expect to see gas prices steadily decline,” said Jeanette Casselano, AAA spokesperson. “AAA expects the national average to hit $2.70 or less this fall.”
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