Welcome to FIVE FOR FRIDAY: A weekly roundup of public policy issues and headlines from around the Northern Virginia Region, the Commonwealth, and Capitol Hill.
by Danielle Finley, Associate Director of Political Engagement
Welcome to FIVE FOR FRIDAY: A weekly roundup of Public Policy Issues and Headlines. In this Issue: 1. August payrolls grew by a less-than-expected 142,000, but the unemployment rate ticked down to 4.2% 2. America has the fewest jobs available since January 2021 3. Affordability and U.S. Election Stalling U.S. Consumers Home Buying Decisions 4. Lt. Gov. Winsome Earle-Sears announces run for governor 5. D.C. attorney general alleges ‘widespread’ title insurance kickbacks. Bonus: Latest President: General Election, 2024 Polls.
August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2%
By JEFF COX, CNBC
The U.S. economy created slightly fewer jobs than expected in August, reflecting a slowing labor market while also clearing the way for the Federal Reserve to lower interest rates later this month. Nonfarm payrolls expanded by 142,000 during the month, up from 89,000 in July and below the 161,000 consensus forecast from Dow Jones, according to a report Friday from the Labor Department’s Bureau of Labor Statistics.
America has the fewest jobs available since January 2021
By ALICIA WALLACE, CNN
The JOLTS report, although more backward-looking than most of the data, provides a critical look at the churn within the labor market and whether turnover remains at healthy levels. “This latest JOLTS Report revealed a haggard but healthy labor market in the last mile of the Fed’s tightening cycle,” Noah Yosif, chief economist at the American Staffing Association, wrote in commentary issued Wednesday. “Tepid momentum in hiring and layoffs suggests that employers remain reluctant to raise headcount without a substantial deceleration in borrowing costs.”
Affordability and U.S. Election Stalling U.S. Consumers Home Buying Decisions
By MICHAEL GERRITY, World Property Journal
In July 2024, pending home sales dropped by 5.5%, as reported by the National Association of Realtors. All four U.S. regions experienced monthly declines in transactions. Compared to last year, the Northeast saw an increase, while the Midwest, South, and West showed decreases. "A sales recovery did not occur in midsummer," said NAR Chief Economist Lawrence Yun. "The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election."
Lt. Gov. Winsome Earle-Sears announces run for governor
By ANNA BRYSON, Richmond Times-Dispatch
Lt. Gov. Winsome Earle-Sears announced Thursday evening at a rally here (Virginia Beach) that she will seek the Republican nomination for governor next year, setting up a potentially historic campaign in which she could become the first woman elected governor of Virginia. Earle-Sears, 60, who lives in Frederick County, made history two years ago as the first Black woman elected to statewide office in Virginia. She could face Attorney General Jason Miyares next summer in a fight for the Republican nomination.
News missed from last week: D.C. attorney general alleges ‘widespread’ title insurance kickbacks
By AARON GREGG, The Washington Post
Four title insurance companies based in the Washington area have agreed to pay $3.29 million to settle claims that they paid illegal kickbacks to real estate agents in exchange for referrals, D.C. Attorney General Brian Schwalb announced [last] Thursday. Schwalb (D) described the kickbacks as part of a “widespread” scheme to limit consumers’ options and hurt law-abiding competitors.
Bonus
Latest President: General Election, 2024 Polls
By Project FiveThirtyEight