Forty years ago, in July of 1983, The Police released the classic hit Every Breath You Take. The song quickly rose to the top of the charts and spent 8 weeks atop the Billboard Hot 100. The initially comforting sounds made it an instant classic at weddings despite the almost sinister lyrics: “Every breath you take and every move you make...every step you take, I’ll be watching you.”
This month’s numbers are a little bit like that: we'll be keeping an eye on things.
Unemployment is at a near-record low at 1.6%. Wages grew 9.7% from July of last year, continuing to claw back the impacts of inflation. Regional inflation remains below 3% and primary employment sectors are holding steady.
Despite the current interest rate environment, housing prices continue to rise, with two zip codes posting double-digit increases in the last 12 months. The 57701 area might look like it’s starting to cool down, but this is only due to the record-shattering first six months of the year.
Sales and spending continue to increase, however, are just shy of inflation. Gross sales grew by 2.54% compared to the regional CPI of 2.9%. Although not perfect, this is the closest the two numbers have been for some time and is a strong signal that Rapid City is on track toward stability.
By some measures, Every Breath You Take is the most-played song in radio history. Although we would not recommend singing about these indicators at the next wedding you attend, they certainly do deserve some airtime.
Until next time,
