Category: Economics
Update Economic USA Housing
Existing home sales moved up this month by 1.1% reaching an annualized rate of 5.6% over the previous 12 months. This activity is important because existing housing represents over 90% of all housing related activity. The median sales price increased as well by 5.8% to $252,800. When I see this number, I am constantly reminded of how much housing has increased over the years. It was not too long ago the median price had just moved beyond $100,000 and at the time it was considered an outlandish price to pay for a home.
Update Economic USA Housing
Housing starts fell 5.5% in May to 1.092 million units (annual rate). Residential permits also slowed by 4.9% to 1.168 million units. The construction of new homes has taken a pause over the past several months. This appears to be a short term slowdown rather than a longer term trend change in direction. The other economic factors in housing are all supporting a continuation of growth.
Update USA Industrial Production, Capacity Utilization
Industrial production continues to grow with a 1.1 percent increase over last month. Capacity utilization moved down 0.1% to 76.6%. This economic measurement is gradually approaching the long-term average of 79.5%. We have added capacity utilization to this chart so that the month to month changes in industrial output can be viewed in concert with capacity utilization.
Update USA Unemployment 1st Time Claims
Employment jobless claims for 1st time requests is continue to fall. Recent jobless claims were down another 8,000 for the week. The rate is now at 237,000 which is well below the 300,000 unofficial benchmark. Additionally, the 4-week average remained nearly flat at 243,000 close to the same as the previous week and now at a 44 year low. Continuing claims remained below $2 million for 9 straight weeks.
Update Economic USA Agriculture
USDA has completed the most recent estimate on key agriculture components which reflect continued moderation in food related prices to consumers.