Did you know? Nebraska, Utah, Oklahoma and Arkansas are experiencing historically low unemployment rates in the US, around 2%. Often with low unemployment rates comes higher inflation: Arizona and Georgia have record-low jobless rates and solid wage growth, but major cities in these states are also confronting inflation that exceeds the national rate of 8.3%. The Phoenix and Atlanta metropolitan areas saw consumer prices rise by 11% and 10.8%, respectively, in April. Hawaii and Nevada - the two states' employment figures most negatively impacted by COVID - have almost fully recovered too, both under 5% now. (WSJ)
Did you know? According to the National Cyber Security Alliance, 60% of small and mid-sized companies go out of business within six months of being hacked.
Did you know? The power of technology: the Port of New York handled nearly 5 million containers in 2021, up from 3 million in 2000, up over 66%! The port employed 36,000 workers in 1958 but now has just 5,801 workers as of June 2020. The 'PORT CRISIS' we heard so much about a few months ago seems to be waning too.... The total number of container ships waiting for berths at U.S. ports has dropped by 47% since peaking in early February. The Ports of Los Angeles, Long Beach, and New York/New Jersey - the top 3 for container volume to the U.S. - imported 260,000 more containers in March versus February, a 12% increase and the all-time highest month. (FT)
Did you know? Williams Sonoma - owner of Pottery Barn, Rejuvenation, West Elm, etc - Q1 results were STRONG indicating the consumer is still focused on spending on their homes. (CNBC)
Did you know? In March, mortgage lenders made $2.36 in profit on every $100 of a loan, the smallest amount since 2019, according to the Urban Institute. In 2020, that figure was as high as $5.99. Mortgage volume is expected to fall 37% in 2022, according to the Mortgage Bankers Association, driven by the drop in refinancings. (WSJ)