This week saw the markets oscillate back and forth but finish the week relatively flat. Job openings continue to increase, Bitcoin took investors on a wild ride, and the housing market slowed, as both builders and buyers continued to grapple with rising costs.
Job Market – Current job openings reached new highs this week, as employers ranging from Amazon to McDonald’s announced wage and benefits increases in an attempt to combat the continuing labor shortage. With the economic reopening hinging on companies’ ability to find sufficient help, expect continued efforts to incentivize prospective employees.
Source: Hamilton Lane
Bitcoin – The most recognizable cryptocurrency experienced a volatile week, as the U.S. Treasury called for stricter IRS compliance, and the price of Bitcoin tumbled by as much as 30% on Wednesday. While BTC has recovered much of Wednesday’s losses, the sell-off and increased regulations served as a reminder that the cryptocurrency landscape can still be fluid and unpredictable.
Housing Market – New monthly building permits and new housing starts both came in under expectations, as builders struggled to navigate supply chain and labor shortages. Additionally, existing home sales dropped for the third month in a row, as home prices continued to climb. While the lending environment remains favorable, elevated home prices and material costs may continue to suppress the market.
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Investment advice offered through Strauss Financial Group, Inc., a Registered Investment Advisor.
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