{
 "blogId": "D0431",
 "slug": "what-it-costs-to-borrow-and-hire-in-2026",
 "title": "The Cost of Money and the Cost of Hiring, Side by Side",
 "template": "R31_RATES_AND_LABOUR",
 "editionId": "2026-07",
 "snapshotSha256": "35e827fec0189082c89ba27e99408c0558607297afefd5fc5ea36cfa9ef23439",
 "sealedAt": "2026-08-25T04:43:03.158Z",
 "source": "US Tech Automations Research",
 "methodology": "https://ustechautomations.com/resources/research",
 "canonicalUrl": "https://ustechautomations.com/resources/blog/what-it-costs-to-borrow-and-hire-in-2026",
 "displays": [
  {
   "key": "rates.series.mortgage30.name",
   "display": "30-year fixed mortgage rate",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage30.fredId",
   "display": "MORTGAGE30US",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage30.frequency",
   "display": "weekly average",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.mortgage30.latest.value",
   "display": "6.49%",
   "value": 6.49,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage30.latest.date",
   "display": "July 9, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage30.monthAgo.value",
   "display": "6.48%",
   "value": 6.48,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage30.monthAgo.date",
   "display": "June 4, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage30.monthAgo.change",
   "display": "+0.01 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.mortgage30.monthAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage30.yearAgo.value",
   "display": "6.67%",
   "value": 6.67,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage30.yearAgo.date",
   "display": "July 3, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage30.yearAgo.change",
   "display": "−0.18 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.mortgage30.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage15.name",
   "display": "15-year fixed mortgage rate",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage15.fredId",
   "display": "MORTGAGE15US",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage15.frequency",
   "display": "weekly average",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.mortgage15.latest.value",
   "display": "5.82%",
   "value": 5.82,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage15.latest.date",
   "display": "July 9, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage15.monthAgo.value",
   "display": "5.79%",
   "value": 5.79,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage15.monthAgo.date",
   "display": "June 4, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage15.monthAgo.change",
   "display": "+0.03 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.mortgage15.monthAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.mortgage15.yearAgo.value",
   "display": "5.80%",
   "value": 5.8,
   "kind": "level"
  },
  {
   "key": "rates.series.mortgage15.yearAgo.date",
   "display": "July 3, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.mortgage15.yearAgo.change",
   "display": "+0.02 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.mortgage15.yearAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfunds.name",
   "display": "Effective federal funds rate",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfunds.fredId",
   "display": "FEDFUNDS",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfunds.frequency",
   "display": "monthly average",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.fedfunds.latest.value",
   "display": "3.63%",
   "value": 3.63,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfunds.latest.date",
   "display": "June 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfunds.monthAgo.value",
   "display": "3.63%",
   "value": 3.63,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfunds.monthAgo.date",
   "display": "May 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfunds.monthAgo.change",
   "display": "+0.00 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.fedfunds.monthAgo.direction",
   "display": "unchanged",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfunds.yearAgo.value",
   "display": "4.33%",
   "value": 4.33,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfunds.yearAgo.date",
   "display": "June 1, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfunds.yearAgo.change",
   "display": "−0.70 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.fedfunds.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfundsDaily.name",
   "display": "Effective federal funds rate (daily)",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfundsDaily.fredId",
   "display": "DFF",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfundsDaily.frequency",
   "display": "daily",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.fedfundsDaily.latest.value",
   "display": "3.62%",
   "value": 3.62,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfundsDaily.latest.date",
   "display": "July 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfundsDaily.monthAgo.value",
   "display": "3.62%",
   "value": 3.62,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfundsDaily.monthAgo.date",
   "display": "June 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfundsDaily.monthAgo.change",
   "display": "+0.00 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.fedfundsDaily.monthAgo.direction",
   "display": "unchanged",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.fedfundsDaily.yearAgo.value",
   "display": "4.33%",
   "value": 4.33,
   "kind": "level"
  },
  {
   "key": "rates.series.fedfundsDaily.yearAgo.date",
   "display": "July 8, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.fedfundsDaily.yearAgo.change",
   "display": "−0.71 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.fedfundsDaily.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury10y.name",
   "display": "10-year Treasury constant-maturity yield",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury10y.fredId",
   "display": "DGS10",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury10y.frequency",
   "display": "daily (business days)",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.treasury10y.latest.value",
   "display": "4.56%",
   "value": 4.56,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury10y.latest.date",
   "display": "July 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury10y.monthAgo.value",
   "display": "4.56%",
   "value": 4.56,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury10y.monthAgo.date",
   "display": "June 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury10y.monthAgo.change",
   "display": "+0.00 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.treasury10y.monthAgo.direction",
   "display": "unchanged",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury10y.yearAgo.value",
   "display": "4.42%",
   "value": 4.42,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury10y.yearAgo.date",
   "display": "July 8, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury10y.yearAgo.change",
   "display": "+0.14 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.treasury10y.yearAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury2y.name",
   "display": "2-year Treasury constant-maturity yield",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury2y.fredId",
   "display": "DGS2",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury2y.frequency",
   "display": "daily (business days)",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.treasury2y.latest.value",
   "display": "4.21%",
   "value": 4.21,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury2y.latest.date",
   "display": "July 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury2y.monthAgo.value",
   "display": "4.15%",
   "value": 4.15,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury2y.monthAgo.date",
   "display": "June 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury2y.monthAgo.change",
   "display": "+0.06 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.treasury2y.monthAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.treasury2y.yearAgo.value",
   "display": "3.90%",
   "value": 3.9,
   "kind": "level"
  },
  {
   "key": "rates.series.treasury2y.yearAgo.date",
   "display": "July 8, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.treasury2y.yearAgo.change",
   "display": "+0.31 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.treasury2y.yearAgo.direction",
   "display": "up",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.housingStarts.name",
   "display": "New privately-owned housing units started",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.housingStarts.fredId",
   "display": "HOUST",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.housingStarts.frequency",
   "display": "monthly, seasonally adjusted annual rate",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.housingStarts.latest.value",
   "display": "1,177 thousand units (SAAR)",
   "value": 1177,
   "kind": "level"
  },
  {
   "key": "rates.series.housingStarts.latest.date",
   "display": "May 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.housingStarts.latest.unitsAnnualized",
   "display": "1,177,000 units at a seasonally adjusted annual rate",
   "value": null,
   "kind": "level"
  },
  {
   "key": "rates.series.housingStarts.monthAgo.value",
   "display": "1,392 thousand units (SAAR)",
   "value": 1392,
   "kind": "level"
  },
  {
   "key": "rates.series.housingStarts.monthAgo.date",
   "display": "April 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.housingStarts.monthAgo.changePct",
   "display": "−15.4%",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.housingStarts.monthAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.housingStarts.yearAgo.value",
   "display": "1,289 thousand units (SAAR)",
   "value": 1289,
   "kind": "level"
  },
  {
   "key": "rates.series.housingStarts.yearAgo.date",
   "display": "May 1, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.housingStarts.yearAgo.changePct",
   "display": "−8.7%",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.housingStarts.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.buildingPermits.name",
   "display": "New privately-owned housing units authorized by building permits",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.buildingPermits.fredId",
   "display": "PERMIT",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.buildingPermits.frequency",
   "display": "monthly, seasonally adjusted annual rate",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.buildingPermits.latest.value",
   "display": "1,410 thousand units (SAAR)",
   "value": 1410,
   "kind": "level"
  },
  {
   "key": "rates.series.buildingPermits.latest.date",
   "display": "May 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.buildingPermits.latest.unitsAnnualized",
   "display": "1,410,000 units at a seasonally adjusted annual rate",
   "value": null,
   "kind": "level"
  },
  {
   "key": "rates.series.buildingPermits.monthAgo.value",
   "display": "1,423 thousand units (SAAR)",
   "value": 1423,
   "kind": "level"
  },
  {
   "key": "rates.series.buildingPermits.monthAgo.date",
   "display": "April 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.buildingPermits.monthAgo.changePct",
   "display": "−0.9%",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.buildingPermits.monthAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.buildingPermits.yearAgo.value",
   "display": "1,416 thousand units (SAAR)",
   "value": 1416,
   "kind": "level"
  },
  {
   "key": "rates.series.buildingPermits.yearAgo.date",
   "display": "May 1, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.buildingPermits.yearAgo.changePct",
   "display": "−0.4%",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.buildingPermits.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.medianSalesPrice.name",
   "display": "Median sales price of houses sold in the United States",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.medianSalesPrice.fredId",
   "display": "MSPUS",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.medianSalesPrice.frequency",
   "display": "quarterly",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.series.medianSalesPrice.latest.value",
   "display": "$403,200",
   "value": 403200,
   "kind": "level"
  },
  {
   "key": "rates.series.medianSalesPrice.latest.date",
   "display": "January 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.medianSalesPrice.monthAgo.value",
   "display": "$412,300",
   "value": 412300,
   "kind": "level"
  },
  {
   "key": "rates.series.medianSalesPrice.monthAgo.date",
   "display": "October 1, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.medianSalesPrice.monthAgo.change",
   "display": "−$9,100",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.medianSalesPrice.monthAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.series.medianSalesPrice.yearAgo.value",
   "display": "$423,100",
   "value": 423100,
   "kind": "level"
  },
  {
   "key": "rates.series.medianSalesPrice.yearAgo.date",
   "display": "January 1, 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.series.medianSalesPrice.yearAgo.change",
   "display": "−$19,900",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.series.medianSalesPrice.yearAgo.direction",
   "display": "down",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.edition.fetchedDate",
   "display": "July 10, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.edition.seriesCount",
   "display": "9",
   "value": 9,
   "kind": "count"
  },
  {
   "key": "rates.edition.methodology.verbatim",
   "display": "Every level is the value FRED publishes for a real observation date: the latest non-blank observation, the most recent observation on or before one month prior, and the most recent observation on or before one year prior. Nothing is interpolated or averaged; blank market-holiday cells are skipped.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.edition.methodology.derived",
   "display": "Changes are simple differences of those verbatim observations (percentage points for rates and yields, percent change for housing units, dollars for prices); spreads and ratios are differences or quotients of two verbatim observations, with both observation dates sealed.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.edition.methodology.frequency",
   "display": "Series keep their native FRED cadence: mortgage rates are weekly survey averages, Treasury yields and the daily fed funds rate are business-day prints, FEDFUNDS is a monthly average, housing starts and permits are monthly seasonally adjusted annual rates, and the median sales price is quarterly.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.cut.curve.spread10y2y",
   "display": "+0.35 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.cut.curve.date",
   "display": "July 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.cut.curve.shape",
   "display": "upward-sloping",
   "value": null,
   "kind": "label"
  },
  {
   "key": "rates.cut.termGap.mortgage30vs15",
   "display": "+0.67 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.cut.termGap.date",
   "display": "July 9, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.cut.mortgageSpread.overTreasury10y",
   "display": "+1.93 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "rates.cut.mortgageSpread.mortgageDate",
   "display": "July 9, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.cut.mortgageSpread.treasuryDate",
   "display": "July 8, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.cut.mortgageSpread.note",
   "display": "The mortgage print is a weekly survey average and the Treasury yield is a business-day print, so the two observation dates can differ by a few days.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "rates.cut.pipeline.permitsToStartsRatio",
   "display": "1.20",
   "value": null,
   "kind": "ratio"
  },
  {
   "key": "rates.cut.pipeline.date",
   "display": "May 1, 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "rates.cut.pipeline.note",
   "display": "Permits authorize future construction while starts count ground actually broken in the same month, so a ratio above one means more homes were authorized than started.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.national.unemployment.rate",
   "display": "4.2%",
   "value": 4.2,
   "kind": "rate"
  },
  {
   "key": "labour.national.unemployment.month",
   "display": "June 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.national.unemployment.yearAgoRate",
   "display": "4.1%",
   "value": 4.1,
   "kind": "rate"
  },
  {
   "key": "labour.national.unemployment.yearAgoMonth",
   "display": "June 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.national.unemployment.changePts",
   "display": "+0.1 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.national.jolts.openings",
   "display": "7,594,000 job openings",
   "value": 7594000,
   "kind": "count"
  },
  {
   "key": "labour.national.jolts.openingsCompact",
   "display": "7.6 million job openings",
   "value": null,
   "kind": "count"
  },
  {
   "key": "labour.national.jolts.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.national.jolts.yearAgoOpenings",
   "display": "7,310,000 job openings",
   "value": 7310000,
   "kind": "count"
  },
  {
   "key": "labour.national.jolts.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.national.jolts.changeOpenings",
   "display": "+284,000 openings",
   "value": 284000,
   "kind": "change"
  },
  {
   "key": "labour.metro.los-angeles.name",
   "display": "Los Angeles metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.los-angeles.shortName",
   "display": "Los Angeles",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.los-angeles.cbsa",
   "display": "31080",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.los-angeles.unemploymentRate",
   "display": "4.8%",
   "value": 4.8,
   "kind": "rate"
  },
  {
   "key": "labour.metro.los-angeles.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.los-angeles.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.los-angeles.yearAgoRate",
   "display": "5.0%",
   "value": 5,
   "kind": "rate"
  },
  {
   "key": "labour.metro.los-angeles.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.los-angeles.changePts",
   "display": "−0.2 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.san-francisco.name",
   "display": "San Francisco metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.san-francisco.shortName",
   "display": "San Francisco",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.san-francisco.cbsa",
   "display": "41860",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.san-francisco.unemploymentRate",
   "display": "3.6%",
   "value": 3.6,
   "kind": "rate"
  },
  {
   "key": "labour.metro.san-francisco.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.san-francisco.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.san-francisco.yearAgoRate",
   "display": "4.0%",
   "value": 4,
   "kind": "rate"
  },
  {
   "key": "labour.metro.san-francisco.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.san-francisco.changePts",
   "display": "−0.4 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.chicago.name",
   "display": "Chicago metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.chicago.shortName",
   "display": "Chicago",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.chicago.cbsa",
   "display": "16980",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.chicago.unemploymentRate",
   "display": "4.9%",
   "value": 4.9,
   "kind": "rate"
  },
  {
   "key": "labour.metro.chicago.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.chicago.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.chicago.yearAgoRate",
   "display": "4.3%",
   "value": 4.3,
   "kind": "rate"
  },
  {
   "key": "labour.metro.chicago.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.chicago.changePts",
   "display": "+0.6 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.new-york.name",
   "display": "New York metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.new-york.shortName",
   "display": "New York City",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.new-york.cbsa",
   "display": "35620",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.new-york.unemploymentRate",
   "display": "4.3%",
   "value": 4.3,
   "kind": "rate"
  },
  {
   "key": "labour.metro.new-york.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.new-york.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.new-york.yearAgoRate",
   "display": "4.4%",
   "value": 4.4,
   "kind": "rate"
  },
  {
   "key": "labour.metro.new-york.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.new-york.changePts",
   "display": "−0.1 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.seattle.name",
   "display": "Seattle metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.seattle.shortName",
   "display": "Seattle",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.seattle.cbsa",
   "display": "42660",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.seattle.unemploymentRate",
   "display": "4.8%",
   "value": 4.8,
   "kind": "rate"
  },
  {
   "key": "labour.metro.seattle.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.seattle.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.seattle.yearAgoRate",
   "display": "4.2%",
   "value": 4.2,
   "kind": "rate"
  },
  {
   "key": "labour.metro.seattle.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.seattle.changePts",
   "display": "+0.6 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.austin.name",
   "display": "Austin metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.austin.shortName",
   "display": "Austin",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.austin.cbsa",
   "display": "12420",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.austin.unemploymentRate",
   "display": "3.5%",
   "value": 3.5,
   "kind": "rate"
  },
  {
   "key": "labour.metro.austin.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.austin.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.austin.yearAgoRate",
   "display": "3.3%",
   "value": 3.3,
   "kind": "rate"
  },
  {
   "key": "labour.metro.austin.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.austin.changePts",
   "display": "+0.2 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.cincinnati.name",
   "display": "Cincinnati metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.cincinnati.shortName",
   "display": "Cincinnati",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.cincinnati.cbsa",
   "display": "17140",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.cincinnati.unemploymentRate",
   "display": "3.1%",
   "value": 3.1,
   "kind": "rate"
  },
  {
   "key": "labour.metro.cincinnati.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.cincinnati.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.cincinnati.yearAgoRate",
   "display": "4.2%",
   "value": 4.2,
   "kind": "rate"
  },
  {
   "key": "labour.metro.cincinnati.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.cincinnati.changePts",
   "display": "−1.1 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.phoenix.name",
   "display": "Phoenix metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.phoenix.shortName",
   "display": "Phoenix",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.phoenix.cbsa",
   "display": "38060",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.phoenix.unemploymentRate",
   "display": "4.1%",
   "value": 4.1,
   "kind": "rate"
  },
  {
   "key": "labour.metro.phoenix.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.phoenix.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.phoenix.yearAgoRate",
   "display": "3.7%",
   "value": 3.7,
   "kind": "rate"
  },
  {
   "key": "labour.metro.phoenix.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.phoenix.changePts",
   "display": "+0.4 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.metro.phoenix.permitsNote",
   "display": "The Phoenix metro area contains Scottsdale, the permits jurisdiction.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.scottsdale.name",
   "display": "Scottsdale city",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.scottsdale.shortName",
   "display": "Scottsdale",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.metro.scottsdale.unemploymentRate",
   "display": "3.7%",
   "value": 3.7,
   "kind": "rate"
  },
  {
   "key": "labour.metro.scottsdale.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.scottsdale.preliminary",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.scottsdale.yearAgoRate",
   "display": "3.3%",
   "value": 3.3,
   "kind": "rate"
  },
  {
   "key": "labour.metro.scottsdale.yearAgoMonth",
   "display": "May 2025",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.metro.scottsdale.changePts",
   "display": "+0.4 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.edition.metroMonth",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "labour.edition.metros",
   "display": "8",
   "value": 8,
   "kind": "count"
  },
  {
   "key": "labour.edition.methodology.adjustment",
   "display": "Metro unemployment rates come from BLS Local Area Unemployment Statistics and are not seasonally adjusted; the national rate comes from the Current Population Survey and is seasonally adjusted. Metro-to-national comparisons are indicative, not exact, because of that adjustment difference.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.edition.methodology.preliminary",
   "display": "The most recent metro month is typically preliminary and subject to BLS revision; metros carrying the preliminary flag are marked in the display set.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.edition.methodology.shutdownGap",
   "display": "BLS publishes no October and limited late-year figures for the prior year because of the lapse in federal appropriations; missing months are skipped, never estimated.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.edition.methodology.metroSelection",
   "display": "The metro set mirrors the eight jurisdictions of the residential-permits vertical so labor-market and construction-activity editions describe the same places. Scottsdale sits inside the Phoenix metro area, so the metro row is Phoenix and a separate city-level series covers Scottsdale itself.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "labour.metro.cincinnati.rank.unemploymentRate",
   "display": "#1",
   "value": 1,
   "kind": "rank"
  },
  {
   "key": "labour.metro.austin.rank.unemploymentRate",
   "display": "#2",
   "value": 2,
   "kind": "rank"
  },
  {
   "key": "labour.metro.san-francisco.rank.unemploymentRate",
   "display": "#3",
   "value": 3,
   "kind": "rank"
  },
  {
   "key": "labour.metro.phoenix.rank.unemploymentRate",
   "display": "#4",
   "value": 4,
   "kind": "rank"
  },
  {
   "key": "labour.metro.new-york.rank.unemploymentRate",
   "display": "#5",
   "value": 5,
   "kind": "rank"
  },
  {
   "key": "labour.metro.los-angeles.rank.unemploymentRate",
   "display": "#6",
   "value": 6,
   "kind": "rank"
  },
  {
   "key": "labour.metro.seattle.rank.unemploymentRate",
   "display": "#7",
   "value": 7,
   "kind": "rank"
  },
  {
   "key": "labour.metro.chicago.rank.unemploymentRate",
   "display": "#8",
   "value": 8,
   "kind": "rank"
  },
  {
   "key": "labour.edition.lowest.label",
   "display": "Cincinnati metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.edition.lowest.rate",
   "display": "3.1%",
   "value": 3.1,
   "kind": "rate"
  },
  {
   "key": "labour.edition.highest.label",
   "display": "Chicago metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.edition.highest.rate",
   "display": "4.9%",
   "value": 4.9,
   "kind": "rate"
  },
  {
   "key": "labour.edition.spreadPts",
   "display": "1.8 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.movers.improved.label",
   "display": "Cincinnati metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.movers.improved.changePts",
   "display": "−1.1 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.movers.worsened.label",
   "display": "Chicago metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "labour.movers.worsened.changePts",
   "display": "+0.6 points",
   "value": null,
   "kind": "change"
  },
  {
   "key": "labour.movers.risingCount",
   "display": "4",
   "value": 4,
   "kind": "count"
  },
  {
   "key": "labour.movers.fallingCount",
   "display": "4",
   "value": 4,
   "kind": "count"
  },
  {
   "key": "report.question",
   "display": "What does it cost to borrow money right now, what does it cost to hire, and how far apart are the metros where we count building permits?",
   "value": null,
   "kind": "question"
  },
  {
   "key": "report.money.mortgage30",
   "display": "6.49%",
   "value": 6.49,
   "kind": "rate"
  },
  {
   "key": "report.money.mortgage30Date",
   "display": "July 9, 2026",
   "value": null,
   "kind": "date"
  },
  {
   "key": "report.money.mortgage30YearChange",
   "display": "−0.18 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.money.fedFunds",
   "display": "3.63%",
   "value": 3.63,
   "kind": "rate"
  },
  {
   "key": "report.money.yieldCurveShape",
   "display": "upward-sloping",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.money.mortgageOverTreasury",
   "display": "+1.93 percentage points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.labour.nationalUnemployment",
   "display": "4.2%",
   "value": 4.2,
   "kind": "rate"
  },
  {
   "key": "report.labour.nationalUnemploymentMonth",
   "display": "June 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.labour.jobOpenings",
   "display": "7.6 million job openings",
   "value": null,
   "kind": "count"
  },
  {
   "key": "report.labour.jobOpeningsMonth",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.1.name",
   "display": "Cincinnati metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.1.unemployment",
   "display": "3.1%",
   "value": 3.1,
   "kind": "rate"
  },
  {
   "key": "report.metro.1.yearChange",
   "display": "−1.1 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.1.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.1.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.2.name",
   "display": "Austin metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.2.unemployment",
   "display": "3.5%",
   "value": 3.5,
   "kind": "rate"
  },
  {
   "key": "report.metro.2.yearChange",
   "display": "+0.2 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.2.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.2.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.3.name",
   "display": "San Francisco metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.3.unemployment",
   "display": "3.6%",
   "value": 3.6,
   "kind": "rate"
  },
  {
   "key": "report.metro.3.yearChange",
   "display": "−0.4 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.3.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.3.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.4.name",
   "display": "Scottsdale city",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.4.unemployment",
   "display": "3.7%",
   "value": 3.7,
   "kind": "rate"
  },
  {
   "key": "report.metro.4.yearChange",
   "display": "+0.4 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.4.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.4.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.5.name",
   "display": "Phoenix metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.5.unemployment",
   "display": "4.1%",
   "value": 4.1,
   "kind": "rate"
  },
  {
   "key": "report.metro.5.yearChange",
   "display": "+0.4 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.5.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.5.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.6.name",
   "display": "New York metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.6.unemployment",
   "display": "4.3%",
   "value": 4.3,
   "kind": "rate"
  },
  {
   "key": "report.metro.6.yearChange",
   "display": "−0.1 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.6.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.6.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.7.name",
   "display": "Los Angeles metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.7.unemployment",
   "display": "4.8%",
   "value": 4.8,
   "kind": "rate"
  },
  {
   "key": "report.metro.7.yearChange",
   "display": "−0.2 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.7.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.7.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.8.name",
   "display": "Seattle metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.8.unemployment",
   "display": "4.8%",
   "value": 4.8,
   "kind": "rate"
  },
  {
   "key": "report.metro.8.yearChange",
   "display": "+0.6 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.8.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.8.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metro.9.name",
   "display": "Chicago metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.metro.9.unemployment",
   "display": "4.9%",
   "value": 4.9,
   "kind": "rate"
  },
  {
   "key": "report.metro.9.yearChange",
   "display": "+0.6 points",
   "value": null,
   "kind": "delta"
  },
  {
   "key": "report.metro.9.month",
   "display": "May 2026",
   "value": null,
   "kind": "window"
  },
  {
   "key": "report.metro.9.revisionStatus",
   "display": "preliminary",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.metrosRanked",
   "display": "9",
   "value": 9,
   "kind": "count"
  },
  {
   "key": "report.labour.tightestMetro",
   "display": "Cincinnati metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.labour.tightestRate",
   "display": "3.1%",
   "value": 3.1,
   "kind": "rate"
  },
  {
   "key": "report.labour.loosestMetro",
   "display": "Chicago metro area",
   "value": null,
   "kind": "label"
  },
  {
   "key": "report.labour.loosestRate",
   "display": "4.9%",
   "value": 4.9,
   "kind": "rate"
  },
  {
   "key": "report.caveat.differentDates",
   "display": "The money figures are current to July 10, 2026. The metro jobs figures are for May 2026, because that is the most recent month the government has published. The two halves of this report are not the same month and must never be described as a single snapshot in time.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.caveat.ratesAreNational",
   "display": "Borrowing costs here are national. There is no metro-level mortgage rate in this data, so the report pairs one national cost of money against local job markets — it never implies a city has its own rate.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.caveat.preliminaryMonths",
   "display": "The most recent metro month is usually preliminary and gets revised later. A change of a tenth of a point between editions can be a revision rather than a real move.",
   "value": null,
   "kind": "note"
  },
  {
   "key": "report.caveat.noCausalClaim",
   "display": "This report puts the cost of money next to the cost of hiring. It does not claim either one causes the other, and no sentence in it may say that it does.",
   "value": null,
   "kind": "note"
  }
 ]
}