Subject: Economic Update | Week Ending July 6, 2024

Dear Friends & Colleagues,

I hope you are doing well. Here is your economic update for the week ending July 6, 2024.

Job Market: U.S. employers added 206,000 jobs in June, surpassing the expected 190,000 new jobs, marking the 42nd consecutive month of job growth. The unemployment rate rose slightly to 4.1% in June from 4% in May. Although this rate is historically low, it is the highest reading in almost three years. Despite this, there are still more job openings than available workers. Average hourly wages increased by 3.9% year-over-year in June, a decrease from 4.1% in May, and matched the smallest gain since 2021 in April. Experts are overwhelmingly predicting a Federal Reserve rate cut in September, with expectations of continued rate cuts into 2025 as inflation cools and the Fed adopts a less restrictive policy.

Stock Markets:

• Dow Jones Industrial Average: Closed the week at 39,375.87, up 0.1% from 39,118.36 last week. It is up 4.4% year-to-date.
• S&P 500: The index closed the week at 5,567.19, up 2% from 5,460.48 last week. It is up 16.7% year-to-date.
• Nasdaq: Closed the week at 18,352.67, up 3.5% from 17,732.60 last week. It is up 22.3% year-to-date.

U.S. Treasury Bond Yields:

• 10-year Treasury Bond: Closed the week yielding 4.28%, down from 4.36% last week.
• 30-year Treasury Bond: Ended the week at 4.47%, down from 4.51% last week.

Mortgage Rates: The Freddie Mac Primary Mortgage Survey reported the following rates for the most popular loan products as of July 3, 2024:

• The 30-year fixed mortgage rate was 6.95%, down from 6.86% last week.
• The 15-year fixed mortgage rate was 6.25%, up from 6.16% last week.

Please don't hesitate to reach out if you have any questions or need further information.

Best regards,

Tina Lucarelli - Global Real Estate Advisor

DRE 02102354