In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year.
"It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote.
AdvertisementHowever, consumption and business spending data have been strong in recent months.
If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said.
AdvertisementThe outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes.
Persons:
—, Torsten Slok, Slok, Freddie Mac, David Rosenberg, who's
Organizations:
Service, Apollo Global Management, Business, Bureau of Labor Statistics, Challenger, IRA, Atlanta Fed
Locations:
Atlanta