US Adds 115K Jobs in April as Q1 GDP Rises 2%

Home sales in the United States remained essentially flat in April, disappointing analysts who had forecast stronger gains as elevated mortgage rates continued to sideline potential buyers. The National Association of Realtors reported a modest 0.2 percent increase to 4.02 million units on a seasonally adjusted basis, with sales unchanged from the previous year. Contracts underlying those closings were likely signed in February and March, when rates on the 30-year fixed mortgage had already climbed into the high 5 percent range following the outbreak of the U.S.-Israel war with Iran.

Lawrence Yun, the NAR's chief economist, noted that mixed economic signals, including a record stock market alongside weak consumer confidence, left buyers hesitant. Inventory rose modestly from March but remained tight by historical standards, with a 4.4-month supply that continues to favor sellers. Multiple offers persist in many markets even as homes sit on the market longer, pushing the median sales price to a record $417,700 for the month of April. Higher borrowing costs tied directly to the conflict have compounded affordability challenges for working families already strained by stagnant wages relative to housing expenses.

The same geopolitical shock has rippled outward, closing the Strait of Hormuz and disrupting oil and gas shipments from the Persian Gulf. European natural gas prices have jumped roughly 40 percent since the war began, leaving households and businesses facing higher energy bills at a time when governments are still recovering from the 2022 Russian supply cutoff. European leaders and clean energy advocates now argue that accelerating wind and solar deployment offers the clearest path to shielding consumers from future political blackmail over fossil fuels. Without faster progress, the continent risks repeating cycles of price spikes that hit lower-income households hardest.

Corporate America, however, has largely insulated itself from these pressures. Profit margins for S&P 500 companies reached an all-time high of 13.2 percent in the fourth quarter of 2025, according to FactSet data, buoyed by strength in technology and industrial sectors. This surge occurred despite tariffs and the costs of military involvement in the Middle East, underscoring how large firms can pass along or avoid the burdens that fall on everyday consumers. Record profits stand in sharp contrast to the lengthening days on market for homes and the persistent shortage of affordable inventory.

Worker advocates have drawn connections between these economic strains and broader fights for fair treatment. In New York City, home care workers rallied on May Day to demand an end to 24-hour shifts, calling instead for a 12-hour limit amid rising housing costs and limited healthcare access. Similar protests in World Cup host cities have targeted exploitative ticketing, transit fees, and aggressive immigration enforcement, framing the tournament as another arena where ordinary people bear the costs of elite decision-making. These movements highlight how geopolitical conflicts and corporate gains often leave the same communities squeezed from multiple directions.

The war's economic fallout has exposed familiar patterns: elevated borrowing costs and energy volatility for households, resilient or expanding margins for large corporations, and renewed urgency around shifting away from fossil fuel dependence. Until inventory expands substantially and rates ease, prospective buyers are likely to remain on the sidelines, while the profits from the current moment continue to accrue elsewhere.