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Sales of existing homes fell 0.7% in May to a 4.1-million-unit annualized pace, per the National Association of REALTORS® (NAR), compared to the 1.4% decline the market was expecting. This report measures closings on existing homes in May and likely reflects people shopping for homes in March and April. The median home price reached a […]

Housing data is plentiful, starting Wednesday with an update on home builder sentiment for this month. Look for May’s Housing Starts and Building Permits on Thursday, while Existing Home Sales data follows on Friday. Also of note, May’s Retail Sales will be reported on Tuesday and the latest Jobless Claims on Thursday. Plus, we’ll see […]

This easy and delicious Cherry Tart courtesy of the Food Network is perfect for marking National Cherry Tart Day on June 18. Yields 1 9-inch tart. Preheat oven to 350 degrees Fahrenheit. To make the crust, mix 1 cup flour, 1/4 cup sugar, and 1/2 teaspoon salt in a large bowl. Add 1/2 cup butter, […]

The National Federation of Independent Business (NFIB) Small Business Optimism Index rose to 90.5 in May. While this is the highest reading of the year, it remains well below the historical average of 98. What’s the bottom line? NFIB’s Chief Economist, Bill Dunkelberg, explained that “for 29 consecutive months, small business owners have expressed historically […]

Initial Jobless Claims rose by 13,000 in the latest week, with 242,000 people filing new unemployment claims. This was much higher than expectations of 225,000. There were also 1.82 million people still receiving benefits after filing their initial claim, as Continuing Claims jumped by 30,000. What’s the bottom line? Initial Jobless Claims have now risen […]

The Producer Price Index (PPI), which measures inflation on the wholesale level, was also below estimates last month. Headline PPI fell 0.2% in May, with the annual reading also moving lower from 2.3% to 2.2%. Core PPI, which strips out volatile food and energy prices, was flat in May and the year-over-year reading fell from […]

May’s Consumer Price Index (CPI) showed cooler than expected inflation, with the headline reading flat for the month while the annual reading declined from 3.4% to 3.3%. The Core measure, which strips out volatile food and energy prices, increased 0.2% and the annual reading declined from 3.6% to 3.4%. All these measures were softer than […]

After eleven rate hikes since March 2022, the Fed once again left their benchmark Federal Funds Rate unchanged at a range of 5.25% to 5.5%. This decision was unanimous and marks the seventh straight meeting they held rates steady. The Fed Funds Rate is the interest rate for overnight borrowing for banks and it is […]

The Fed’s two-day meeting begins Tuesday, with their Monetary Policy Statement and press conference coming Wednesday afternoon. Members will most certainly dissect the inflation data that will be reported Wednesday morning when May’s Consumer Price Index is released. An update on wholesale inflation via the Producer Price Index follows on Thursday. Also of note, look […]

Celebrate National Cupcake Lovers Day on June 13 with these rich and decadent Chocolate Ganache Cupcakes courtesy of the Food Network. Yields 12 cupcakes. Preheat oven to 325 degrees Fahrenheit. Line a muffin pan with paper liners. Cream 1/4 pound unsalted butter (room temperature) and 1 cup sugar in the bowl of an electric mixer […]

CoreLogic’s Home Price Index showed that home prices nationwide rose 1.1% in April after rising 1.2% in March, showing that home price appreciation remains strong this spring. Prices are also 5.3% higher when compared to April of last year. CoreLogic forecasts that home prices will rise 0.8% in May and 3.4% in the year going […]

Initial Jobless Claims rose by 8,000 in the latest week, with 229,000 people filing new unemployment claims. There were also 1.792 million people still receiving benefits after filing their initial claim, as Continuing Claims increased by 2,000. What’s the bottom line? While Initial Jobless Claims remain low on a historical basis, Continuing Claims are still […]

The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings contracted to 8.059 million in April, coming in well below estimates, while March’s openings also saw a significant revision lower from 8.488 million to 8.355 million. The hiring rate and quit rate both held steady at 3.6% and 2.2%, respectively. What’s the […]

ADP’s Employment Report showed that private payrolls rose less than expected in May, as employers added 152,000 new jobs versus the 175,000 that had been forecasted. Job growth in April was also revised lower by 4,000 jobs. Nearly all the gains came from service-providing sectors (+149,000), with goods producers only adding 3,000 jobs due to […]

The Bureau of Labor Statistics (BLS) reported that there were 272,000 jobs created in May, which was much stronger than the 185,000 new jobs that had been forecasted. However, negative revisions to March and April cut 15,000 jobs in those months combined while the unemployment rate rose from 3.9% to 4%, which is the highest […]