July 12th Weekly Economic Update

During the shortened week, because of the 4 th of July Holiday, markets moved slightly lower primarily due to a Strong US Jobs report that further escalated the idea that the Fed will need to continue raising rates. The contention on Wall Street is we will most likely see 2 more rate hikes this year, but the market has priced in 3. What that will do to the US Economy and especially to the Real Estate Market, only time will tell. We did see a drop in Non-Farm Payrolls on Friday that has shown the beginning of a calming to what has been an exceptionally strong labor market despite the layoffs we saw in the 1st Quarter this year.