Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights imports and exports.
- The growth of import prices was led by a 6.7% gain in fuel prices. Non-fuel imports remain elevated at 0.6% likely reflecting some pass-through of high gas prices.
- Rising gas prices hurt consumers and increase costs for REALTORS®. The continuation of this trend will weigh on consumer and business confidence. Weak confidence might cause businesses to put off plans to hire a pattern that could hamper household formation and future home sales.