Stuart Paul

The consensus was expecting a small decline.

We expected just an 85,000 uptick in total vacancies, and we get instead 730,000 uptick.

Today's data point should not be the largest reason of concern.

Instead, take today's data with a little bit of grain of salt and just focus on the trend, which is just hot inflation and policies that push prices up.

Today's data point should not be the largest reason of concern.

Instead, take today's data with a little bit of grain of salt and just focus on the trend, which is just hot inflation and policies that push prices up.

During the government shutdown, data were not collected for rents and owner's equivalents of rents.

And the thing to keep in mind is that housing is sampled every six months.

The sample rotates on a monthly basis, so you only have points of comparison every six months.

So the reading today is measuring against a base of basically zero inflation last October.

And that's why we got this pop in shelter inflation.

You certainly ask interesting questions.

Today's data point should not be the largest reason of concern.

Instead, take today's data with a little bit of grain of salt and just focus on the trend, which is just hot inflation and policies that push prices up.

You certainly ask interesting questions.

During the government shutdown, data were not collected for rents and owner's equivalents of rents.

And the thing to keep in mind is that housing is sampled every six months.

The sample rotates on a monthly basis, so you only have points of comparison every six months.

So the reading today is measuring against a base of basically zero inflation last October.

And that's why we got this pop in shelter inflation.