My prescription for recovery
- Retail sales and hence PCE continuing to grow at a reasonable pace
- State and Local governments removing contractionary pressure
- Weaker dollar improving net exports
- Multifamily Construction picking up due to higher rents and lower vacancies
This month we are seeing evidence of the first and last. Chain store sales look good and this from Calculated Risk on apartment conditions
The index has indicated tighter market conditions for the last six quarters and although down from the record 90 in April – a reading of 82 is still very strong. A reading above 50 suggests the vacancy rate is falling and / or rents are rising. This data is a survey of large apartment owners only.