Economic Update - 2.10.23
Economic Update - 2.10.23

Featured topics:

  1. January Jobs Report
  2. FOMC Interest Rate Decision
  3. Jerome Powell Statements
  4. Housing Affordability Index
  5. Freddie Mac Mortgage Market Index
  6. Logistics Managers Index
  7. CMBS Delinquencies Fall In January
  8. VTS Office Demand Index
  9. MSCI 2023 Trends To Watch
  10. Economic Optimism


• According to the Bureau of Labor Statistics, the US economy added 517,000 jobs in January while the unemployment rate was little changed at 3.4%. The number of unemployed persons was also little changed at 5.7 million.

• On the surface, the January report registered way above most industry expectations, with some observers concerned that the Federal Reserve may need to continue rate increases for longer than markets are anticipating. However, January’s total is likely to be significantly revised downward following adjustments, as is historically common during January.

• Notably, January’s significant payroll increase followed the announcement of massive layoffs by several tech giants, including Google and Microsoft — while corporate America also frets about the risk of a looming US debt ceiling limit.