South Dakota’s personal income growth was strong in the first quarter of 2023, with its 5.1% inflation-adjusted annualized growth rate more than four times the national growth rate. Part of the rapid growth reflected a…
Sometimes I like to think of the macroeconomy as an oceangoing container ship. There’s a lot of mass in those ships, a lot of momentum. The largest of these ships are nearly 450 yards long…
Mortgage rates, the ever-powerful forces shaping the dynamics of the US housing market, remain at the forefront of activity as we push into the latter half of 2023. The first half of the year has…
The labor market outlook continues to defy gravity. In our last issue, we shared how national and state labor markets generally outperformed expectations. We also discussed historic data revisions that indicated labor markets were healthier…
While the housing market of 2022 will be remembered for its dramatic highs and lows on a national scale, these historic swings were amplified more so in distinct regional and local markets. The South Dakota…
Workers in the private sector saw their average hourly earnings fall by $0.75 from December 2021 to December 2022 when controlling for inflation, according to recently released data from the Bureau of Labor Statistics (Current…
Looking back to our first issue in late 2022, we saw the national and state economies gaining strength and confidence, though the heady days of 2021 were unlikely to return soon. The newest data from…
This issue of the Dakota Outlook introduces two substantial revisions that affect data previously reported in the forecast table. The first revision reflects a change in our reporting practices, while the second stems from data…
The US labor market has spent most of 2022 ignoring any warnings about economic slowdowns. Employment growth and job creation have been at multi-decade highs through much of the post-pandemic period, and labor markets remained…
While decades-high inflation has impacted almost every sector of the US economy, its most apparent effects are reflected in housing markets. South Dakota is no exception to this national trend in increased housing prices. In…
