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NJ Spotlight News | Business Report: NJ home prices | Season 2022

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The median sales price for a single-family home in New Jersey reached $510,000 in June
The PBS NewsHour Business Report discusses several key economic issues, including the Federal Reserve's decision to raise interest rates by a quarter percentage point to combat inflation, which remains high at 6% annually. The report highlights the ongoing debate about the potential for a recession, with some experts arguing that the economy might achieve a soft landing despite the rate hikes. Additionally, it covers the impact of these economic conditions on the housing market, where higher mortgage rates are cooling demand but home prices remain elevated due to low inventory. The segment also touches on the labor market, noting that while job growth has slowed, unemployment remains low, and wage growth is starting to outpace inflation, providing some relief to workers. Finally, the report briefly discusses corporate earnings, with some companies beating expectations while others struggle amid economic uncertainty.

Read the Full PBS Article at:
[ https://www.pbs.org/video/business-report-1658861463/ ]