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 [...]
US New US home sales declined 1.5% in April, dropping to an annual pace of 662,000 units. This was better than the consensus estimate of a 2.1% decline. However, March new home sales were revised downward to a 2.0% monthly gain from a first reported 4.0% rise. New home sales are now 8.4% higher year-to-date [...]
US US small business optimism rose slightly in April after losing some ground in March. That followed a cycle high hit in February after the tax cuts boosted the mood on main street. The mood is still very upbeat. Strong demand is translating into rising earnings on net for firms. Small businesses are also seeing [...]
US The US personal income and spending report showed an encouraging spending rebound in March. Consumer spending rose 0.4% during the month on both a real and nominal basis. The 0.4% rise came on the heels of a weaker February gain, with nominal spending flat and real spending declining 0.2%. Consumer spending took a breather [...]
US US real GDP growth slowed in the first quarter to an annualised pace of 2.3 %. One key reason for the slower growth rate was that consumer spending grew at just a 1.1% annualised clip. That is the slowest pace in more than four and a half years. Did something happen to surging consumer [...]
US Retail sales were above consensus and increased 0.6% in March, reversing the recent three-month string of declines. Winter weather in the Northeast, which was widely expected to have a greater adverse effect, was limited. The improvement was driven by auto sales, health and personal care and non-store retailers’ sales. Control group sales, which are [...]
US Those who were hoping for signs of firming inflation were not disappointed. The inflation celebration was kicked off on Tuesday with the release of March’s producer price index (PPI), which rose 0.3% ahead of expectations for a 0.1% gain. Besides the energy component, all major sub-sectors saw prices rise last month. Moreover, this now [...]
