8/11/2023 – EconUpdate by Patrick Duffy

CPI up another 0.2 percent in July and 3.2 percent year-on-year

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in July on a seasonally adjusted basis, the same increase as in June, and was up 3.2 percent year-on-year.  The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also contributing. The index for all items less food and energy rose 0.2 percent in July, as it did in June, and was up 4.7 percent year-on-year.


Credit card balances exceed $1 trillion for the first time, but below pre-COVID levels as a share of disposable income

Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 trillion in the Q2 2023, marking a 4.6% quarterly increase. Credit card accounts expanded by 5.48 million to 578.35 million. Aggregate limits on credit card accounts increased by $9 billion and now stand at $4.6 trillion.  However, the balances remain below the share of disposable income prior to COVID.


Zillow and Redfin to team up to expand reach of new construction listings

Zillow Group’s new-construction listings will soon be automatically syndicated to Redfin, connecting home builders with motivated buyers on both platforms. The strategic partnership will dramatically expand the reach of home builder listings on Zillow and allow Redfin customers to explore a broader range of new-construction homes for sale, creating a seamless home-buying experience.