The September jobs report vastly outperformed expectations with a significant payroll employment increase of 336,000 jobs, but the unemployment rate remained constant at 3.8%, and wage growth slowed, indicating a balanced labor market. Despite initial market reactions suggesting another Federal Reserve rate hike, the overall economic context—highlighting steady unemployment amidst financial and political uncertainties—may deter such a move. This data suggests a healthy labor market that could help avoid an inflationary spiral without necessitating immediate Fed intervention.

A homebuyer on a $3,000 monthly budget has lost nearly $40,000 in purchasing power over the last year, as mortgage rates have risen from around 6.5% in October 2022 to nearly 8% today. The glimmer of hope for the housing market: a small September uptick in new listings.

• The median U.S. asking rent was little changed from a year earlier for the sixth straight month as an increase in the number of rentals made it harder for landlords to boost prices.

• But apartment construction has started to slow, which should ultimately help bolster rents.

• Asking rents are climbing in the Midwest and Northeast, and falling in the West.

Rents are flattening out after going on a rollercoaster ride during the pandemic.

The median U.S. asking rent rose 0.4% year over year to $2,011 in September—the sixth straight month in which rents were little changed from a year earlier. Prior to that, rent growth had been slowing rapidly for roughly a year, coming back down to earth after a surge in prices during the pandemic.

The median asking rent fell 2% from a month earlier in September.