April Showers on U.S. Home Sales
|U.S. Review
April Showers on U.S. Home Sales
- New and existing home sales each declined in April. New home sales are up 8.4 percent year-to-date as demand remains solid. The average time for homes on the market has declined by three days compared to last year. Rising mortgage rates and home prices could test buyer resolve, however.
- Durable goods orders disappointed the consensus, falling a greater-than-expected 1.7 percent. A pullback in aircraft orders was the main drag, as core orders rose 0.9 percent. Consumer sentiment fell again in May, but overall consumers remain upbeat about economic conditions.
Global Review
Global Economy Shows Mixed Results at the Start of Q2
- According to recently released data, Q2 started with mixed results after a relatively weak first quarter. Although data on consumption seem to have picked up a bit at the start of Q2, data on production seemed to have continued to weaken from the highs seen at the end of 2017.
- U.K. retail sales increased 1.6 percent sequentially in April, the strongest monthly print since the 2.5 percent increase recorded in April of last year. In the Eurozone, the manufacturing sector continued the weakening trend it has shown since December 2017 as the Markit/BME manufacturing PMI printed 55.5 in May compared to 56.2 in April.
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