George Ratiu, Manager of Economic Research, discusses the changing economic and real estate landscape as we move through spring. He covers the sharp increase in prices which are taking a bigger bite out of Americans’ paychecks. He mentions that producer prices also rose, at the fastest pace on record, adding to the inflationary spiral. With higher prices, consumers bought more necessities and fewer cars or online goods. George discusses the slide in small business optimism to the lowest level in a year, as owners worry about labor shortages and inflation. He highlights that jobless claims remain near a 54-year low, as there are more openings than workers looking for employment. The strength of the job market filtered into the consumer sentiment index. On the real estate front, George talks about another jump in mortgage rates, which hit 5% (Freddie Mac 30-year loan), a level last seen in May 2011. He also points to the fact the inflation is driving rents higher. And he concludes with encouraging signs, highlighting Realtor.com’s weekly data which show more homeowners listing their properties for sale.