Part 12/14:
In broader economic terms, rising mortgage rates—approaching 7% and potentially hitting 8.5%—pose a severe threat to the real estate market and construction industry. Such increases could reverse years of growth and dampen economic activity.
Labor markets continue to show strength, with workers switching jobs at record-high wages—over 7%—indicating a tight labor market that favors employees. Meanwhile, U.S. semiconductor sanctions are hampering China's tech progress, especially affecting local champions like Baidu and others that rely on advanced chips from U.S. technology firms.