Housing Affordability
The Federal Reserve Bank of Atlanta published their updated housing affordability monitor this week. The “Affordability Gap”, defined as the gap between actual median household income and qualified income, is currently 40%, well above the 30% gap normally required to qualify for a standard home loan. The gap began to widen rapidly beginning June of 2021, coinciding with the sharp rise in home values following the pandemic.
Source: Federal Reserve Bank of Atlanta
Jobs Report And Rate Cuts
Yesterday, the Labor Department released the long-awaited initial January jobs report. The number came in at 180,000, well above expectations. Health care jobs accounted for more than half of the job gains. Overall, the report is a sign that the labor markets may be emerging from a slump in hiring by companies hesitant to hire due to uncertainties surrounding the trade wars. The surge could be a reason for the Federal Reserve to hold off on rate cuts for the time being. Time will tell.
Source: New York Times, US Department of Labor
Reverse Recruiting
In the latest sign of a stagnant job market, white-collar workers are flipping the traditional recruiting model by hiring recruiters to help them land their next jobs—a trend known as “reverse recruiting,”. At the executive level, some firms sell flat-fee packages in the $10,000 to $15,000 range for candidates earning $200,000 to $400,000, according to a 2026. Some firms charge a monthly fee of $1,500 and 10% of first year salary upon acceptance.
Source: Wall Street Journal, HR Executive
AI Solves Roman Gaming Mystery
A small, flattened piece of limestone with crossing lines was found in the Netherlands in the late 19th century. It sat in museum storage without anyone knowing what it was. Earlier this month, with the help of AI, researchers were able to confirm that it is a type of “blocking” game similar to games such as Go and Dominoes. But this game was apparently played by Romans between AD 250 and 476. It was thought that such games only began during the Middle Ages.
Source: Science News
Rhapsody in Blue
On this day in 1924, George Gershwin’s Rhapsody in Blue premiered at the influential concert “Experiment in Modern Music” held by Paul Whiteman and his orchestra at Aeolian Hall, in New York City. It was considered the first successful bridge between jazz and classical music. While the audience roared with applause, critics, at the time, derided it as being “circus music” and “trite and feeble”. It’s clear that the critics were wrong.
Source: On This Day
The Penguin Eclipse
Astronomers are gearing up for the February 17 “Ring of Fire” solar eclipse, but there’s a catch: it will be visible almost exclusively from Antarctica. Experts joked this week that the event will be witnessed by more penguins than people.
Source: EarthSky
