2. REGIONAL — 2.1 NORTH AMERICA

The inflation rate dropped to 3.2% in November from a high of 7.1% in June 2023, and is closer to reaching the 2% target set by the central bank. The unemployment rate in the United States rose slightly to 3.9% in October from 3.6% in June 2023. The average 30-year mortgage rate was 7.22% as of November 30, 2023 a year-on-year increase of 0.73%. The high mortgage rates are affecting the housing market, as homeowners are reluctant to move and lose their lower mortgage rates. This has led to a rise in new home sales. Mortgage rates are expected to drop in 2024.