USA • The Conference Board Consumer Confidence Index dipped 0.3 point to 117.2, its first decline since December 2020. This essentially flat print was characterized by increased confidence in the present situation (+12.4 points to 144.3) but decreased optimism about the future (-8.8 to 99.1). Where the current conditions subindex is concerned, the percentage of [...]
USA • Housing starts moved from a 15-year high of 1,733K in March to 1,569K in April (seasonally adjusted and annualized). This was significantly below the 1,704K print expected by analysts. The monthly decline was driven by the single-family category, where starts dropped 13.4% to 1,087K. Starts in the multi-family segment, meanwhile, crawled up 0.8% [...]
USA • The Consumer Price Index rose 0.8% in April after climbing 0.6% the prior month. This result blew past consensus expectations calling for just a +0.2% print. The energy component edged down 0.1% thanks in part to a 1.4% decline in the gasoline segment. The cost of food, for its part, rose 0.1%. The [...]
USA • Construction spending rose 0.2% to US$1,513.1 billion, which is 5.0% above the February 2020 level. Residential spending increased 1.7% MoM to a seasonally adjusted annual rate of US$725.2 billion. Spending on new single-family homes rose 2.0% m/m and 26.7% y/y. Spending on new multi-family homes dipped 0.3% MoM. Private non-residential activity fell 0.9% [...]
USA • The Bureau of Economic Analysis put out its first estimate of Q1 GDP growth. The economy reportedly expanded an annualized 6.4% in the quarter, which was slightly less than the +6.7% print expected by consensus. Following in the wake of two solid showings in Q4 (+4.3%) and Q3 (+33.4%), this gain lifted economic [...]
