What I’m Reading
Whipsaw: US GDP surprised to the downside last week, declining 1.4%. The drop stemmed from a widening trade deficit. Imports to the U.S. surged and exports fell, dynamics reflecting pandemic-related supply-chain constraints. A slower pace of inventory investment by businesses in the first quarter—compared with a rapid buildup of inventories at the end of last year—also pushed growth down. Wall Street Journal
Pushback: Rent control initiatives are on the rise across the US as state and local politicians grapple with decreased affordability. Bisnow
Bottleneck: Despite record demand for industrial space and virtually no vacancies in the tightest US markets, construction completions dropped by 27.8% in Q1 compared to Q4 due to materials and labor shortages, according to CBRE’s Q1 industrial report. Globe Street
Pushback: According to a new survey from ADP, a whopping 71% of 18 to 24 year olds said that “if my employer insisted on me returning to my workplace full-time, I would consider looking for another job.” That’s a higher rate than among older workers. Overall, ADP Research Institute found 64% of the workforce said this. Business Insider
Starting Line: A new Texas oil boom is about to begin but is being held back by supply chain issues and labor shortages. Texas Monthly
Chart of the Day
Low leverage in the housing market acts as a shock absorber today. This was most definitely not the case in 2006.
Source: The Daily Shot
WTF
Snack: A man who was high on meth bit a sheriff’s deputy after being arrested for running through traffic because Florida. News Channel 8
Bust a Move: A woman suspected of drunk driving performed “multiple ballet and Irish folk dance moves” while undergoing field sobriety tests after rear-ending a vehicle because Florida. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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