Markets in a minute - February 2022
In this brief market update, the speaker reports several key U.S. economic data points for early 2022. Private payrolls fell by 301,000 in January, contrary to expectations of a 200,000 increase, a decline attributed to the spread of the Omicron COVID variant. The core personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose 4.9% year‑over‑year in December. The Labor Department recorded nearly 11 million job openings in December, more than 4.6 million above the total number of unemployed workers. In housing, despite tight inventory, single‑family housing starts reached 1,123,000 in the prior year—the highest level since 2006, and newly built homes comprised over one‑third of homes for sale in December, a record share per Redfin. Mortgage activity showed purchase applications up modestly and refinance applications jumping 18% week‑over‑week, though both remain below the previous year’s levels. The segment ends with a thank‑you to viewers.
