Category: Economics
Update USA Business Activity
American non-manufacturing survey from ISM shows a continuing improvement in the area. For the 88th consecutive month the measure grew now standing at 57.5 in April. This is a 2.3-point improvement over the previous month.
Update USA ADP Employment Survey
Employment continues to do well in the U.S. with the addition of 177,000 in nonfarm payrolls. While the current addition is less than previous months, it is inline with the upward trend of around 200,000 per month addition. The current level of 177,000 is better than 4 of the past 12 months. It will be increasingly more difficult to add in employment numbers as the unemployment rate continues to drop.
Update USA Housing – Revised
Housing improved overall in March. Purchases of new, single-family homes increased by 5.8% to an annual rate of 621,000 units. Compared to last year at this time, purchases are up 15.6%. The median sale price for a new home rose 1.2% in March to $315,000. Existing home prices increased 5.6% according to the National Association of Realtors. Inventory is down to 3.8 months. A “normal” market generally has 6.0 months available. New home construction rate is now at 1.2 million units annually. Overall, housing is continuing a favorable long-term direction and in line with our expectations.
Update USA Housing
Housing improved overall in March. Purchases of new, single-family homes increased by 5.8% to an annual rate of 621,000 units. Compared to last year at this time, purchase are 15.6%.
The median sale price for a new home rose 1.2% in March to $315,000.
Update USA Consumer Confidence
Consumer confidence dropped 4.6 percentage points to 120.3 from 124.9 in April. This remains a good number considering the previous month, March, was a sixteen-year high. Confidence is much higher than it was last year.