As buyers wait for lower prices, even lower mortgage rates, and higher wages. Mortgage rates already dropped to 6.15% from 7.9%, but that didn’t help at all.
As retail sales rose despite dropping prices of goods, inflation-adjusted retail sales – adjusted for this deflation in goods – rose even faster: hence the jump in GDPNow.
Biggest declines: San Francisco, San Jose, Austin, Denver, San Diego, Seattle, Dallas, Salt Lake City, Honolulu, Phoenix, Portland, Houston, Los Angeles, Nashville, Charlotte, Tampa
