This is a narration of our weekly Rent and Operating Trends Report. The U.S. economy continues to show signs of weakness as growth has slowed significantly throughout the first seven months of 2022. By the traditional definition, the economy entered a recession after posting a second consecutive quarter of contracting GDP, according to the initial second quarter estimate released last week. While many economists argue that the economy is not yet in a recession due to the historically low unemployment rate and overall strength of consumer and business balance sheets, there are additional cracks emerging within the domestic economy. Weekly jobless claims have been rising steadily since March, and the average weekly jobless claims figure is roughly 100,000 higher than at its trough 4 months ago. Continued inflation caused by supply chain issues and geopolitical unrest will likely persist at least through the beginning of next year, and I expect a sluggish economy to remain for at least another 6 to 12 months. Tune in to find out more information on multifamily dynamics during the week of July 31st.
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