US Economy Cools as Labor Market Weakness Persists

The US labor market showed weakness in July, with the unemployment rate holding at 4.1% and total nonfarm payroll decreasing by 23,000.

In contrast, consumer demand and business investment continued to support the economy, as shown in the advance estimate of the second quarter U.S. GDP, which increased at an annual rate of 1.5%.

Phoenix home prices have declined over the year for the past 12 months, registering a 1.3% over-the-year decline in May, compared with a 1.7% decline in April.