California Economic Updates: Fed, Labor, Construction

The Fed enacted its 10th rate hike, hinting it may be the last, depending on incoming data and economic uncertainty.
The labor market remains solid, adding more jobs than expected in April, but job openings suggest labor shortage is beginning to normalize.
Construction spending increased, but residential spending dipped for the tenth consecutive month due to single-family outlays.
Market activity in California picked up in late spring, with increased listing appointments, new escrows, and closed sales.
Limited inventory continues to challenge buyers, leading to increased competition and a high number of offers made on homes.