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NWQWM Morning Financial Report

The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor Statistics.  February’s inflation was the fastest pace since January 1982, back when the U.S. economy confronted the twin threat of higher inflation and reduced economic growth.

U.S. job openings hovered at a historically high level in February as labor shortages and firm worker demand carrying over into the beginning of this year.  Job vacancies totaled 11.26 million according to the Labor. This is a record in data going back to 2001.   By industry, some of the largest decreases in job openings were seen in accommodation and food services, where vacancies fell by 288,000 to reach just under 1.5 million. Openings across the economy have totaled than more 10 million for eight consecutive months, coming in well above pre-pandemic averages to highlight the strain employers across industries have found in seeking enough workers to keep pace with demand. Job openings were coming in around 7 million per month throughout 2019.

If you need any more proof of the crazy level of home price appreciation in 2021, here it is: The total number of cities in the US where the typical home is priced above $1 million is now 481 which is a record, according to research from Zillow.
 

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