2 measures provide 2 very different views of the economy
While gross domestic product shrank in the second quarter, gross domestic income increased. That’s creating a puzzling picture of where the economy stands.
NEW YORK, NEW YORK - JULY 13: Financial news is seen on a television screen as traders work on the floor of the New York Stock Exchange during morning trading on July 13, 2022 in New York City. The stock market opened on a low note amid the release of inflation data by the Labor Department that showed U.S. inflation reaching 9.1% in June, the highest rate in nearly 41 years that has resulted in an increase in prices for gas, food and rent.
The Mortgage Bankers Association reports the average monthly payment on a new mortgage in July was $1,844, down $49 from June, as mortgage rates and loan amounts edged lower.
Bruce Ridenour has been a contractor for 40 years and said local contractors in Danbury, Connecticut don’t have bandwidth to handle all the new demand.