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Stronger Underlying Details Than Core Print Suggests

US DATA
  • Core services ex OER and rent accelerate from 0.36 to 0.50% M/M, highest since September. 0.45% M/M if exclude total rent of shelter for same trend, fastest since Sep.
  • Both OER and tenants’ rents also stronger than analysts had forecast.
  • Main offsetting weakness comes from surprisingly large hit from used cars (-2.7%, fastest decline of post-pandemic surge) vs expectations of flat to a small increase.

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