Dees Stribling
Economy Watch: Existing Home Sales Rise, but Still Sluggish; Home Price Gains Slowing Down
Total existing U.S. home sales rose 4.9 percent in May, but not nearly as much as a few months ago. Home price gains slowed down in April.
Economy Watch: Fed to Keep Tapering Stimulus, Predicts Slower Growth in 2014
The central bank will reduce purchases of agency-backed securities and Treasuries in July, and also said that the harsh winter would trim growth to between 2.1 percent and 2.3 percent this year.
Economy Watch: Housing Starts Drop, CPI Edges Up in May
New U.S. housing starts dropped 6.5 percent in May month over month. The Consumer Price Index increased 0.4 percent in May.
Economy Watch: World Bank Lowers Global Growth Predictions; Wholesale Prices Muted in May; Consumer Sentiment Down in Mid-June
The World Bank lowered its forecast for world economic growth in 2014. Wholesale prices for most products fell in May. Consumer sentiment edged down by 0.7 points at the end of May.
Economy Watch: Retail Sales Up in May; Oil Prices Hit New Highs; Unemployment Up
U.S. retail and food sales in May were up 0.3 percent compared with April. Foreign oil prices have gone up. Initial unemployment claims increased this week.
Economy Watch: Service Sector Revenues Mixed in Q1; Federal Budget Deficit Continues Falling
U.S. service sector revenues increased for certain industries, while other industries, including real estate, didn’t fare as well. The federal budget deficit continued to decline in May.
Economy Watch: S&P Affirms U.S. Rating, Mulls Raising It; Economic Worries a Drag on Housing
Standard & Poor’s affirmed its current AA+/A-1+ rating for the U.S. sovereign debt, noting that the outlook for such debt is now “stable.” Americans’ reluctance to enter the market for buying or selling residential property has restrained activity below typical seasonal trends.
Economy Watch: Employment Back to Pre-Recession Levels; Consumer Credit Up in April
Employment is back at an all-time high. U.S. consumer credit was up 10.4 percent in April compared with the same month in 2013.
Economy Watch: U.S. Economy Adds 217,000 Jobs in May; Negative Equity Keeps Dropping; Household Net Worth Continues Rising
The economy added a net of 217,000 jobs in May. More than 300,000 U.S. homes returned to positive equity in the first quarter of 2014. U.S. household net worth increased in the first quarter of 2014 compared to the fourth quarter of 2013, and is at a new record high.
Economy Watch: ADP: Private Sector Hiring Slows in May; Beige Book: Economic Activity Increases; ISM Non-Manufacturing Index Up in May
ADP says hiring slowed down in May. Economic activity expanded recently, with some aspects of real estate growing more strongly than others. The Institute for Supply Management reported that its non-manufacturing index was up 0.8 percent compared to April.