The UCLA Economic Letter is the monthly communication of the UCLA Anderson Forecast and the UCLA Ziman Center for Real Estate. The Letter aims to provide new insights as to the major economic and real estate issues of the day in a quickly digestible format. In so doing, it draws upon original research, policy analysis, and forecasts produced by UCLA academics and Forecast economists. At the same time, it addresses the most pressing issues confronting us all. As the premier public university, it is the mission of the University of California to serve society as a center of higher learning and to provide long-term societal benefits through the discovery and transmission of advanced knowledge. The UCLA Economic Letter series seeks to support that mission.