One major factor is that the population is aging — and therefore retiring out of the workforce. Another factor is the crackdown on immigration, since immigrant communities have some of the highest labor force participation rates.
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.