0:02 who are you and where are you going what do you [Music] want hello and welcome to people making money I'm your host Kevin bemel and we are here every Wednesday at 10: amm Pacific time to talk about business and professional matters and wealth building all of the whole financial side of of life he says as his email makes a ding I
0:39 for I always forget to shut my email down um so today is our monthly economic echos where we look at the economic data uh to see how it impacts us as individuals recognizing as I've mentioned many times before none of us lives a life of the National economy uh it it it may affect business more broadly but each of us lives a localized life and so for example the national CPI Consumer Price Index really doesn't mean anything to us because our spending
1:14 patterns and our localities make our experience different so we're we're uh you know meeting today on uh November 20th so it's uh basically a couple weeks after the election so um the information we're going to be talking about won't really have been affected by the election I think yet we'll probably start seeing that next month um so that'll that'll be something interesting to look at um but let's let's uh let's immediate let's get started uh right
1:49 away so uh GNA go ahead and share my screen as I always do and let's see here we go okay so first thing we're going to do is uh take a look at the um Consumer Price Index ma maximize this so you can see it better okay and uh so inflation in October uh Nationwide went up uh. 2% uh seasonally adjusted and it Rose
2:27 2.6% uh over the last 12 months that's up a little bit uh from September when it went up 2.4% so this calls into question um the Federal Reserve has been easing interest rates they dropped a half a percent in uh September they dropped another quarter percent uh last month I believe it was and so I think this is calling into question this easing of interest rates and it may be that that um I know I've I've read
3:02 There are some calls that that the interest rate decreases by the FED should stop at least for now especially with inflation ticking up because the target inflation rate is 2% um but um you know we we'll have to see how how that plays out so um and you'll notice by the way that here's here's the 2.6% rate so major categories food went up 2.1% % energy went down almost 5% but every all other things less food and energy which are the two most
3:38 volatile actually went up 3.3% so um that's that's a that's a pretty you know it's still a pretty hot rate so if we drill down into food so as we saw last month uh food eaten at home went up a little over a percent whereas food eaten away from home went up 04 I mean almost 4% uh this is this is a year year over year okay so um what went up the most um food at home um meat
4:13 poultry fish in other words proteins eggs went up almost 2% dairy products over a percent fruits and vegetables just under a percent um uh alcoholic beverages went up almost 2% that doesn't bode well for my show tomorrow um but and other Foods at home 0.4% cereals and and bakery Goods went up about a percent. so you you can see that if you're eating a ver uh you know a this is similar to last month a meat heavy diet you probably uh well a meat and alcohol heavy diet you probably
4:49 experienced you know higher inflation all other things um being equal now looking at the food away from home so um you can see that both full service and limited Service uh went up basically about the same 3.7 3.8% so no matter where you weigh out uh your your your food costs went up about uh 4% now let's look at energy okay so energy Commodities went down 12.4% we'll look in into the details of
5:24 in a moment whereas Energy Services went up 4% okay so that's why overall energy didn't go down uh as as much so fuel oil went down 21% okay so if you were in the Northeast where you heat your house using fuel oil that was a big drop and you know that could have made it seem to you like well gosh I don't see how inflation could have gone up I feel a lot better you know but for those of us here on the West Coast where fuel oil doesn't really mean a whole lot to us um you know we didn't experience that drop now gasoline
6:00 did go down 12% um and but I I don't think in California by the way it went down nearly that much so California gasoline prices tend to be much stickier than other places in the country but still you know a a a good drop so that's in terms of energy Commodities Energy Services okay electricity went up 4 and a half% and natural gas went up 2% so if you don't drive and and a lot of people don't drive or if you drive very little like me right
6:36 so um you know you may not have seen your energy prices uh go down they you know if whereas you know if you use electricity like if you have an all electric home so the cost of operating your home went up more than it would have for somebody like me who I have gas heating I have a gas Cooks cooktop and an electric uh you know electric rain or electric oven I mean so again you can see how these differences play out okay and then all other categories so here's
7:11 here's this is interesting Commodities less food and en uh and energy went down a percent so what do those include okay apparel cost almost unchanged new vehicles went down a little over a percent used vehicles went down it looks like about 2.4% something like that yeah about 2.4 no 3.4% it looks like okay um uh let's see what is this this is Medical Care Commodities went up about a percent uh alcoholic beverages went up 1.6% and uh tobacco products went up 7%
7:46 okay so um you know an incentive to to quit smoking I guess or quit vaping or or chewing tobacco okay so kind of a mixed um a mixed group here as to what happened with commodities excluding food and energy as opposed to Services okay all services went up so shelter housing went up almost 5% Medical Care almost four and transportation services almost 8% so here's the thing most of
8:23 us you know these are factors for almost everybody we all need a place to live we all need to get around and we all need medical care of some kind or another so when you look at at the the the you know cost of services how high they went up as opposed to Commodities where if you don't smoke okay your ex and and you didn't buy a uh um a car so the way you experienced inflation is very different than someone
8:58 who you know does smoke um and and bought a car okay so um you know for for going going back to uh Commodities so for example if you didn't buy a car in October right which is what held down um the increase in Commodities you almost for sure experienced a higher rate of inflation um than you would have if you had had bought a car in essence okay so that's why it's it's so important to look um at these details okay so that's that's on
9:35 the the national uh front okay now let's um let's uh let's let's look at uh the loow local inflation I always use Los Angeles just because that's where where I am um and uh um but you know you can use uh your own um uh your own uh location okay so here in Los Angeles so prices were oops uh unchanged uh from a month ago at 3% so
10:12 the Los Angeles area which is Los Angeles Long Beach Anaheim inflation was essentially flat from a month ago okay and and uh food um went up. 2% um food at home went up .1% food away from home. 3% um but overall food prices are Up 3 and a half% um led by higher meat poultry fish and eggs 5% okay food away from home over the last year went up 5% in Los
10:47 Angeles okay energy um went up uh .6% and this was to higher natural gas at 4.6% and electricity at 1.3% whereas gasoline declined 6% so there was a small downtick in the price of gasoline um which which held down uh energy inflation um you know against higher natural gas and electricity prices now um Energy prices declined 12.4% um over the last year and that was
11:25 due to a 20.5% drop in in gas okay whereas um electricity prices and natural gas were roughly even with where they were a year ago okay and so then for um all other for all items less food and energy um Medical Care went up 1% shelter was about even at 0. 2% um and new new and used vehicles went down 2% and education and communication went down about 2% as well um and so you you can see that there was um some you
12:01 know more moderation in these categories overall though uh the increas in costs less food and energy here in Los Angeles went up 4.3% uh due primarily to higher medical care costs at 8 and a half percent and shelter costs of over 5% okay these were partially offset by decreases in the price of new and used cars and furnishing but if you didn't buy a car over the last year or household Furnishings so then that doesn't matter that you know that you're experiencing
12:37 much higher inflation living in Los Angeles now what I would recommend for your local area is just search CPI for the city or county that you're in and that'll give you your particular index but that will give you greater insight into why you seem to be experiencing uh um uh the you know inflation that may feel different than the the national average okay so next we're going to look
13:12 at uh I think it's personal income yeah personal income um wait what happened to yeah for some reason the national personal income wasn't wasn't showing up okay so oh okay yeah okay there we go um anyway um okay so looking at um at uh um personal income or earnings okay on the first of all on the national
13:47 level so you can see that they went up a penny per on a per on an hourly basis from 11:23 to 1124 which you know works out to be a little bit more than uh What uh 47 cents per weekly in terms of weekly earnings nothing to get uh you know too too excited about um and um average weekly hours I'm sorry uh yeah average weekly hours stayed flat as it has for the last several several months I mean for for um
14:23 year-over-year at 34.3 hours that's the average number of hours that that people worked so um there was really very little change um in real average hourly earnings um which is which is an which is adjusted for inflation so in October um real average hourly earnings went up 0.1% if you felt that um you know you're like the princess and the P who can feel the mat the you know the P put under 20 mattresses you know it's it's so small
15:01 um and and and indeed um so on for you know year over year okay real average earnings have gone up 1.4% so they have gone up a little bit but but you know not not a whole lot okay so you know about a percent and a half um and and you know enough nothing to write home about and and be thinking hey it's uh you know it's going to be a it's going to be a you know a a jolly Christmas uh unfortunately um you know Pro probably probably not um okay so now
15:38 let's look um at well actually we looked at um personal income by state last time so um I'm going to skip that if you want to take a look at that you can go to um last month's show to see it broken down by state they they only update the the personal income by state figures every quarter and so instead of repeating instead of repeating it on the two months where it hasn't been updated um you know I I I typically skip it okay so next let's look at uh
16:13 unemployment and why am I not seeing okay here we go okay so here's okay so here's this is unemployment on the national um National level so October uh 2024 the unemployment rate is 4.1% which is the same as September 4.1% okay so no change in the unemployment picture now for uh for men 20 years in over unemployment went from 3.7 to 3.9 so it did go up a little bit
16:51 so that would tend to indicate yep that that employment for women 20 years and older went down so they were three 3.6% in September down well no I guess even at 3.6% for October okay so um you know unemployment went up for for men 20 years and over but not enough to change the overall unemployment picture Okay so for teens uh unemployment also went down from four thir 14.3% to 13.8 so it went down a half a percent so October was a
17:27 good month for teen employ M okay and okay now let's look at demographics so unemployment among white Americans went from 3.6 to 3.8 so it went up a little bit okay for for black Americans it went from 5.7% in September okay stayed even for October at 5.7% for Asians let's see where's Asians here we go okay so for Asians it went from from okay I got to get rid of this so I
18:02 can get to the Asian okay so it went it went from um uh it went from 4.1% down to 3.9% so you know a little bit of an improvement for Asians not a whole lot and finally Hispanics are Latinos so it was uh unchanged at at a little over 5% okay so overall the Unemployment uh picture Nation wide for you know various demographic groups and such didn't didn't change a whole lot oops I should have I should have increased increased the size on that so you could see it better um but but in
18:38 any event it didn't that the uh uh national unemployment rate uh didn't didn't change uh a whole lot so let's look now at unemployment rates by States and let's see where okay here we go uh and let's make this bigger so you can see it better okay so the unemployment rate by States uh so you know again perennially South Dakota has the lowest unemployment rate
19:13 1.9% for October and the highest uh oh so it this year this time it well District of Columbia and Nevada are tied at 5.7% with Cal California coming in third at 5.4 % so those three have been jocking it out for the bottom position for quite some time now for those of you who've been following the news uh uh the governor of South Dakota I think it's the governor of South Dakota no no I take that back it was governor of North Dakota was um nominated for a cabinet post so um so you know presumably North
19:51 Dakota is going to stay on the good employment path that it's been on for a while and you can see that um the states with the lowest unemployment rate so uh let's see the median unemployment rate is it looks like it's around about 3.4% so anything like 3% and lower um it it really is kind of a mixed Bunch everywhere from Hawaii Alabama Mississippi Virginia Wisconsin and Maine are all at 2.9% so that's that's the South the
20:27 Pacific the Northeast and uh the Midwest right all at at at um all at 2.9% at 3% you've got Connecticut Iowa and Maryland again you've got the Northeast you've got the Midwest and you've got the South so those are the areas of highest employment um the West okay where you know where we're talking about um for example uh Arizona 3.6% Oregon 4. 4% New Mexico 4.3% uh I mentioned California already
21:04 5.4% Nevada 5.7% um all of these states and where's where's Washington let's see if I can find Washington real [Music] quickly Washington no Washington is not the outlier so oh here's Washington 4.7% so the uh Pacific Northwest and the Southwest all have High um unemployment rates it looks like the lowest is Arizona with 3.6% which is you know above the median uh number so you know
21:43 what's going on with that well um there is um somewhat of a political divide between how states in the Pacific Northwest and the and the the the Southwest are govern um as opposed to States certainly in the Midwest and the and the southeast okay that that wouldn't necessarily account for the Northeast um which you know politically tends to mirror um the Pacific Northwest and the Southwest more um but um but it would seem
22:19 that um with without getting you know too deep into the politics that you know the states with the strongest um e economies in general tend to be in the Southeast and the Midwest with obviously some outliers uh Vermont and uh Hawaii and Connecticut being the the most outstanding among them other than that um all the rest are are in the South Southeast and the the Midwest so that that gives you an indication um in terms of what you may be
22:54 experiencing uh you know unemployment wise where the strongest regions are and if you're thinking of relocating where it may where the best job prospects appear to be okay so now just going to stop the screen sharing on that and we're going to go to the uh labor force uh participation rate okay and go ahead and and make this larger so you can see this better okay so the civilian labor force
23:30 participation rate um it was 62.7% in September down to 62.6% so what does that tell us well it tells us that overall fewer people are working despite the fact that the unemployment rate was essentially unchanged okay because uh so you know um one one thing sometimes what we see is the labor force partic we see that unemployment goes down but we also see the labor force participation rate went down and that
24:07 that in that shows why um the unemployment rate went down um because the two are tied very closely together because the UN the unemployment rate only reflects people who are looking for a job who don't have a job okay so the fewer people looking for a job I.E the lower the Civil civilian labor participation rate the lower the unemployment rate will be relatively speaking okay so that's the total now for for men 20 years and older uh the uh
24:43 let me see yeah the labor force participation rate was essentially unchanged it went up 0.1% to to 70.5% as opposed to women 20 years and old older where the labor force particip a rate went from 58.9 to 58.7 so it went down about 2% so not these are not big changes by the way they're not huge changes but you know there changes kind of at the margins and uh let's see and then the uh teen let's see here where's
25:19 oops okay that's right okay there you go so the teen labor force participation rate went from 37.2% in September to 35.8% so it went down almost a percent and a half so if you recall the unemployment rate went down for teens that's why it's not that more teens are working it's that more teens gave up looking for work and so that drove the unemployment rate down for that that that drove the unemployment rate down for teens right that's why these two um
25:57 um uh factors need to be looked at together to really understand uh what's what's going on okay so now let's look at uh let's look at by by demographic um so the uh labor force participation rate for white Americans went from 62.4 to 62.2 okay so it dropped a little bit you know again that's really a change at the margins for black American it went from uh 62.9 well it stayed flat at 62.9 so
26:34 no change there for asian-americans it went from 65.3 to 65.5 again just a really a a change at the margins and Hispanics who you can see historically have the highest labor force participation rate it went from 67.4 to 66.9 so a five perc uh drop let me just make sure I got that right yeah a half a percent drop among among Hispanics and or Latinos and that
27:09 is a big that's a big factor uh and and and I you know I would bet you that it was um Hispanic uh teens caused a lot of that drop and that's why we saw uh Unemployment uh drop among teens it was I I would bet you it was due primarily to uh Hispanic teens and that's why we saw that that change okay so um you know what does this mean to you as an individual well I mean over over if you're not a teenager the
27:45 employment picture is still very strong um you know an an unemployment rate um uh the unemployment rate is is still very good um so I I you know I I don't think um um you know from a job standpoint there's there's you know going to be a there's a lot of look you know the outage goes as I've mentioned before um you know a recession is when um you know your neighbor loses a job uh a depression is when you lose a job of course um but overall the labor picture
28:20 remains pretty strong and and so um you know this is why I think you're still seeing labor unun for example Le pressing very hard to organize they they they feel they have you know a lot more leverage and so um you know this this bodess well um you know for you know for the for the future for those of us who um you know are still working okay next let's look at um employment by industry okay so here we go employment
28:56 by industry okay so these are these are National um employment uh statistics and October is following the trend we've been seeing all year which is the big gains in employment are happening in uh private education and health care services uh 57,000 more jobs um in uh October up up0 2% and in government with uh 40,000 new jobs again up0 2% and the biggest losers
29:32 are manufacturing which went down 46,000 jobs 4% and business services which also declined well which declined 47,000 jobs uh 4.2% so so the employment picture uh by industry tends has been showing the same Trend it's been showing all year I'm going to click to the 12 month view oops I got to make this bigger for you to see okay so looking at the 12month view now you can see that employment increases in employment
30:09 over the last 12 months is really due there's a mill almost a million new jobs in private education and Health Services and half a million in government so it's really government spending that has been that has been funding job growth over the last 12 months now let's go back to the one- Monon picture just real quickly and you'll see it private Educational Services 6,000 jobs but it's healthc care 52,000 new jobs that's really where the growth is and Health Care is a largely government funded uh Factor okay
30:46 and and all all areas of Health Care saw increase saw increases in employment okay and then on the government side okay so the Fed ederal government didn't do a lot of hiring in October but state and local governments certainly did and you can see here's local government education pretty big hiring as well as local government ex excluding education and then for state governments so you can see state government education way up and state government employment excluding education also went
31:21 up quite a bit so you can see there that really what's fueling growth now on the manufactur ing side you can see durable goods employment went down there you know automobile companies are struggling as they you know are involved in the the the electric vehicle transition consumers are not buying electric vehicles and so they're scaling back on their production okay um and and you know here you go Transportation equipment manufacturing you see that's that's way down um and everything else you know not a whole lot of change so
31:56 it's really transport equipment manufacturing that that drove the loss in manufacturing jobs in non-durable Goods okay um Plastics and rubber manufacturing went down food manufacturing went up and besides that everything else was you know not not super big changes here less than a thousand jobs on all these other ones okay all right so and then the other big loser this month was um professional and business services and you can see professional scientific and Technical uh
32:31 went down just a little bit 1500 jobs management of companies and Enterprises went up 3400 jobs the real loss is in administrative and support waste management and re remediation almost 50,000 jobs that's where the losses were and you'll note by the way that these are the you know the lower paid jobs so management jobs higher paid jobs professional and management went up up or down just a little bit lower income jobs are the ones that really went down okay and it wasn't waste management and
33:08 Remediation it was administrative and support services so businesses are you know um laying off or firing uh support staff I think in you know they were tightening their belts in October now let's compare this with let's look at the the one-year picture so um again you can see that private Health Care almost 700,000 new jobs and social services 200 almost 25,000 new jobs these are both driven primarily by government spending and again in healthc care all sectors saw job increases okay
33:45 and in social assistance individual and Family Services led the way but all factors went higher okay and then uh oops sorry let's go back to that okay and then on the government side um you know the federal government almost 50,000 new jobs state governments 129,000 new jobs local governments almost 310,000 new jobs okay and um you know education looks like it's about 40% versus non-education at the local level
34:22 and at the state level um again same kind of thing education about 40% or maybe 30 yeah maybe about 40% versus 60% for non-education so that's really where um we're seeing the big changes now manufacturing year-over-year has lost jobs both in durable and non-durable goods and you can see only in a couple sectors did uh year-over-year did and this is interesting so Transportation manufacturing equipment um 11,000 new
34:57 jobs year over-ear obviously a there was a much bigger gain until last month October and then non-metallic mineral products you know 6,400 all the rest of manufacturing declined okay so um you can see why overall manufacturing is down now construction is up in all sectors year-over-year whereas you'll note oops uh um well so um it it was specialty trades are still up um so so the the 12month trend in
35:35 construction is pretty similar to uh the one month Trend okay uh and then the other one we looked at was professional and business services so year-over-year uh 14,000 new jobs but you can see they're almost the new jobs 143,000 professional and Business Service uh Prof professional scientific ific and Technical Services jobs versus a loss of $133,000 $1 133,000 I mean uh administrative jobs and again you can see the loss in jobs is actually over 150,000 administrative jobs that were
36:12 partially offset by waste management and Remediation services so um businesses are G are over the last year have gotten leaner um laying off administrative staff um in order to save money uh okay now let's look at now we're gonna we're gonna kind of go over to the asset side of life and look at the U median home prices okay which something I started doing I think a couple of months ago so um median sales prices houses sold in
36:48 the United States um as of oh oh that's right these are only updated quarterly so this is this is going to be the same unfortunately as last quarter I'm going to go ahead and skip this and and um uh if you want to look at that um uh um you know go to um last month's um uh economic Echoes so let's look at a at a more uh local basis here we go US housing market [Music]
37:24 and this okay so um the um average home value um as of uh now basically is up 2.6% year-over-year um and the average house goes pending in about three weeks okay so now let's look at some specific locations let's look at Los Angeles okay Los Angeles in terms of price increases lagging the overall a little bit at 1.9 % but still starting
37:59 from a much higher base so would you rather have a 1.9% increase of over almost a million dollars or a 2.6% increase of uh whatever it was about you know 300 or 400 and something thousand right so um people are still making a lot more money off of their homes in Los Angeles um than they than they uh you know than they are in other areas of the country okay and let's look at um let's look at I think it's Omaha Nebraska I usually look at so Omaha Nebraska uh average home price a little over
38:36 $276,000 up 2.2% so you know not bad and then let's look at uh Miami Florida okay Miami Florida 583 th000 up 6.4% uh year-over-year right um now it's interesting because it's taking longer to to sell houses in Miami and that may be a part you know in part because housing prices have gone up much faster over double the national rate okay so it's good that your house is going up but it's making it harder for people uh
39:12 to buy houses so um that that can make a difference um as you um if if you're living in Miami and thinking of selling your house likewise if you're thinking of moving to Miami and buying a house um that it's taking so long may give you some some Market leverage okay so that's and and you can all these links will be in the show note so if you want to look at your particular location and locations where you're interested in in in moving to this is a this Z Zillow tool is is a nice one uh to to play
39:49 around with okay so um if you are not an owner so then maybe you're going to be a renter okay and if that's the case so then um um let's see here we go um okay so rental rates in in key markets um a lot it looks like a lot of rental rates are trending down um in in all of the markets they've got here you see well New York they were essentially flat
40:24 Atlanta down Miami down Orlando down Dallas Down Los Angeles down all of these lower lower rates so let's look at Los Angeles more closely okay so month over Monon change rents went down uh $5 but year-over-year change went down $39 okay they're still pretty high almost $3,000 uh you know a month um and and interestingly enough rental properties there's been a um uh a big uh increase in rental in properties
41:00 renting for over $5,000 okay you can see there's almost nothing very little under about $1,800 and certainly nothing under you know $800 okay now let's compare that to a market like let me see if I can find Omaha okay so in Omaha look at this so prop still a fair number of properties under $600 and a lot starting at $700 right so but rents did go up and year-over-year rents are up
41:35 $100 in Omaha Nebraska okay so in in lower rent locations um you know the rents are going up probably because people are moving there um in order to get lower rentals so the the cost to rent an apartment in Omaha is half of roughly half of what it is um in Los Angeles okay and now let's let's look at uh Miami I think I saw that yeah here's Miami Okay click through okay so in Miami rents are on par with what they
42:13 are in Los Angeles you see the same phenomenon where there's a a big number of um of uh rentals at $5,000 or more having said that rents in Miami Florida dropped $100 month over month and $200 year over-year okay so um Miami is starting to see a scaling back in the cost to rent there which for you know for renters in that market is is good news for building owners obviously they're they're not particularly happy
42:48 about that all right and the last thing we're going to look at today is is the home price to income ratio okay and let's see okay well actually we don't have new data for this but I I do like to show this chart anyway and I'm going to take just a minute or two to talk about it and and because I want you to we haven't been talking about these issues for as long as as things like um
43:24 Consumer Price Index and and and unemployment and such but um take a look at historically from from uh around you know the year 2000 okay here's here's the year 2000 right about here okay median home price to to um I'm see home price I'm sorry to median income is a little over four okay so this line right here is four so you can see they're between four and five from you know the late
43:59 1950s all the way until about 2000 until about January of 2002 so for a over 40 years housing affordability was you know home prices were four uh five times or less in some cases even less than four times um median household income but since the year 20 2000 they've stayed pretty much between uh five and seven they did
44:34 briefly around 2011 dropped below five for just a few months but since then they've been in the five to six range and now they're above seven so we are experiencing uh really really I should I should open this up so you can see so you can see so here's here's a around the year 2002 after which they stayed in the 6 to7 range and now more recently they've been above seven for for you know SE several months so we are
45:11 witnessing very unusual levels of housing housing shall we call it in affordability so really the cost of a the the the U cost of a home relative to income has doubled now there have been lots of explanations given for that one is that the average house is bigger and so you're getting more money I mean you're getting more space I mean and and and more amenities in the house and and that may very well be the case however of late if you've
45:47 been following the housing market you'll you've notice that Builders are looking they're building smaller houses now with out as many amenities in order to bring down the ratio of median home price to median income and make housing more affordable and that is going to be very important going forward when you think about it to get back to the kind of ratios that we had for 40 plus years between the late 50s and the very early
46:24 2000s income would have to essentially double right and think of in terms of inflation what that's going to do what that's really saying is there is a tremendous housing shortage okay so that if if there were if there were more houses available to buy more Supply prices would come down okay and and here in in California alone I think the estimate is there we short somewhere between 600,000 and a million housing units or some huge number like that okay
47:01 so this is a supply side issue um and that's what's driving this lack of affordability in houses okay now it also you know interest rates are higher than they were for for you know about a decade and a half um but in mortgage rates today at around seven seven and a half percent historically those are not High mortgage interest rates okay the interest rates we had that were down around 3 4% those were historically low
47:36 interest rates and those are pretty unusual usually mortgage rates are around 6 seven 8% that's that's not at all unusual okay so so again the the the housing affordability situation is really one of a insufficient Supply and so we need to see more houses um being built and they need to be built in a way that um you know they're not piled on with so many amenities that the average family can't afford them so that those
48:13 are the economic Echoes coming from October as we are as we look at them here uh in the sort of two-thirds of the way through November and this hopefully helps you understand why you're feeling the economic pressures or or experiencing economic issues the way you are so again all of these links will be in the show notes and so you can check these out I encourage just take you know 15 20 minutes to look at some of these things and see for your particular situation what what is the relevant
48:48 information you need to have because by looking through these you can lower the anxiety over economic issues by understanding okay here's what's going on and here's why I'm experiencing life differently than maybe what I'm hearing in the news media or hearing you know through social media etc etc so it's it's it's a it's a worthwhile thing to do once a month um by this time of the month the the new economic data is out that's why I do this usually in in the second half of the month um and so you can get a clearer picture on on what is
49:24 the state of your economy me so thank you very much for joining me and um if if you liked this show um please pass it along to your family family and friends and see if it's it's something that they will enjoy find relevant to their life um I I do this to help lower anxiety and bring greater economic understanding for for all of us and because I think if we if we do have a clear understanding of what's going on we need not be so nervous about you know where things are
50:00 going so um if you're not a subscriber um I encourage you to check out my YouTube channel the way to wow shows and and um would love it if you would be a subscriber and that way you'll always uh know when when we're going live for a new episode and uh okay so F now for the rest of the week which is uh tomorrow tomorrow at 5 pm Pacific time is my show jigger's place and uh we'll be having a cocktail and talking about Earl dur
50:35 Biggers and the great detective Charlie Chan one of the most well-known uh fictional detectives of of all time and so we'll sit back and have a cocktail and talk about that and and uh have a a little bit of relaxation as we head into the end of the week and then next week on on Monday at 10:00 a.m. is my show uh trust and Estates weekly and we I'll be um my guest is going to be Hillary Cooper we're going to be talking about
51:10 preparing for downsizing now you may be saying wait a minute Dayja Vu I thought you already did that well we we planned to do it um a few weeks ago and had a bunch of technical difficulties and so the show never came off and so uh Hillary and I are are going to essentially uh re redo the show so please join us um on Monday at 10: a.m. Pacific time and then on Tuesday at 10 amm Pacific time is my show um business lessons from the military and then Thursday of uh you know I'm sorry not
51:45 Thursday Wednesday of next week uh a week from today will be the next edition of people making money and then on Thursday next week because it is Thanksgiving day um I will be doing a special Thanksgiving Day broadcast um at at uh let's see when am I G to do it I think it's going to be it's going to be at 10: am um in honor of Thanksgiving day so I invite you to join me for that as you head into your
52:20 preparation and your day watching I don't know the uh Twilight Zone Marathon or the I Love Lucy Marathon or football or whatever you're doing and having a lovely uh Feast with your friends and family so thanks so much for joining me always appreciate you being with me especially those of you who join me live wishing you a wonderful rest of the day and signing off as I always do Marie darling you are my bell courage at all