Gen Z Sees Housing as Top Election Issue
2 hr 34 min ago
Members of Generation Z are worried about housing affordability, citing it as their top overall issue in the upcoming election.
More than 90% of adults aged 18-27 cited “housing affordability” as their top election issue, according to a new Redfin survey. And it’s no surprise—inflation has pushed up costs for both renting and buying housing since the economy has rebounded from the pandemic.
Mortgage rates have risen above 7%, leaving home sales stuck in neutral as it’s become harder for potential homeowners to afford housing. And renters are no better off, as the average rent has skyrocketed more than 23% since the onset of the pandemic, according to data from the Bureau of Labor Statistics.
“Young people care about other political issues, like immigration and abortion rights, but they’re more likely to cite housing affordability as a factor in their vote because it directly impacts the roof over their head, their lifestyle and their ability to build wealth,” said Redfin Senior Economist Elijah de la Campa.
-Terry Lane
Aircraft Sales Drive Factory Orders Higher for Third Month
7 hr 51 min ago
New orders for manufactured goods grew for the third straight month, as aircraft sales continued to drive factory activity in the U.S.
Factory orders were higher by 0.7% in April compared to March’s data, which was revised lower but still improved over the prior month. Transportation orders drove the growth, up 1.1%, which primarily represents aircraft manufacturing. New orders for nondurable goods were higher by 0.8%, while durable goods orders moved higher by 0.6%
-Terry Lane
Job Openings Fall Short in April
9 hr 8 min ago
Employers may not be laying a lot of people off, but they are cutting back significantly on job openings.
The number of job openings fell to 8.1 million in April, down from 8.5 million in March and the lowest since February 2021, the Bureau of Labor Statistics said Tuesday. Forecasters had only expected a drop to 8.4 million, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.
The number of people quitting their jobs rose slightly to 3.5 million from 3.4 million the month prior. On the bright side for workers, the number of layoffs stayed near historic lows, with 1.5 million workers laid off in April the lowest since December 2022.
The report deepens a trend seen in the previous month’s report of movement in the labor market slowing down, with fewer hirings, firings, and layoffs.
