This month’s economic indicators are a little like that—clothed and looking back. That’s because things are getting a little retro. No, we're not talking about the grunge era, but rather the disco era, the late 1970s, when inflation (stagflation, as the kids used to say) was heating up at the rate of 7% to 13% annually.
There really isn?t much else to talk about locally as employment, wages, sales, and housing have remained consistent with where they were last month. But with inflation now above 8% (year over year), things are looking difficult.
Wages continue to hover at all-time highs and employment continues to hover at all-time lows.
Macro-economic conditions are going to have ramifications in the Black Hills in 2022.
Wages broke another record and now stand at $936 per week. Unemployment sits at historic lows as well, coming in at 2.3%.
Rapid City continues to see almost historic prosperity with unemployment, wages, and consumer spending.
Rapid City is currently seeing record-low unemployment of 2.3% along with record-high private weekly wages of $917.
It?s a lot like this month?s economic indicators, which continue to show the Rapid City area is as popular as it has ever been. In fact, The Wall Street Journal rated Rapid City as the #2 market in the country for real estate and amenities just this week. With over $802 million in gross sales last month and a year-to-date $280 million in valuation, the data agrees.
To this day the song is a verbal dance inside the pleasure centers of the skull. And it paved the way for every rapper you?ve ever heard?Run DMC, LL Cool J, Dr. Dre, Snoop Dogg, 50 Cent, Eminem, Kendrick Lamar, and even Pitbull, who opens the Summit Arena next month. This month?s economic indicators are a bit like that too, paving the way for the future of the region.
This month?s economic indicators are a lot like that, which is to say, a bit confusing.