The UCLA Economic Letter is the monthly communication of the UCLA Anderson Forecast and the UCLA Ziman Center for Real Estate. The Letter, sponsored by the Ziman Center's UCLA Rosalinde and Arthur Gilbert Program in Real Estate, Finance and Urban Economics, provides new insights into the major economic and real estate concerns of the day in a quickly digestible format. It draws upon original research, policy analysis and forecasts produced by UCLA academics and Forecast economists to address the most pressing issues confronting us all. As the premier public university, the University of California serves society as a center of higher learning and strives to provide long-term societal benefits through the discovery and transmission of advanced knowledge. The UCLA Economic Letter series seeks to support those goals.