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Very lose hypothesis:
Layoffs in the west are ahead of the rest of the country.
Inventory of homes on the market is growing in the west faster than the rest. California for example has 37% more homes on the market than last year. National is only 27% more.
I wonder if they’re related?
Jul 31, 2025
On an absolute basis, announced job cuts were ~31k above normal for July, with most of the lift coming from the West (20.6k above normal), followed by the East (5.3k), Midwest (4.3k) and South (0.5k).
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