Wages are growing, but not as quickly as they were at this time last year, according to the latest numbers from the Bureau of Labor Statistics. It’s hard to get a raise when people aren’t changing jobs.
Single-family home construction spending is down 4% from last May, according to new Census Bureau data, as elevated mortgage rates and affordability pressures drag down demand.
April and May hiring increases were concentrated in lower-paying industries like leisure and hospitality, while professional sectors like banking and tech weren’t doing as well.