US US housing starts bounced back solidly in May following April’s upwardly revised 3.1% fall, rising 5% to a 1.35 million-unit pace. Both single-family (+3.9%) and multifamily (+7.5%) starts rose, but total permits fell 4.6% to a 1.30 million-unit pace. Not typically the load carrier, the Midwest drove starts this month, surging a massive 62.2%. [...]
US In the May US retail sales report, headline sales surged 0.8% following an upwardly revised 0.4% in April. Much of the recent strength in retail sales has been attributed to rising gasoline prices. However, excluding gasoline station sales, sales increased an impressive 0.7%. Moreover, the relatively strong print in automobile sales is, perhaps, the [...]
US US April factory orders declined 0.8%, reversing part of March’s 1.7% increase. The closely watched core capital goods shipments component climbed 0.9% in the first month of the quarter, supporting the view of a modest pace of equipment investment. There were, however, signs of strain in the supply chain as the number of unfilled [...]
US US consumers’ optimism about the economy helped to fuel spending above and beyond income growth in April. US household spending rose 0.6% in April, while personal income rose 0.3%. Stronger spending has also been driven by the recent federal tax changes leading to lower withholding for many households. Income outpaced spending the first two [...]
