Sales of New Homes in the US Decline by a Monthly 16.6% In April
(Census Bureau) The total sales of new single-family houses in the US were at an annual rate of 591,000 in April, declining from 709,000 in March. Following the decline, the…
US Private Sector Output Hits the Weakest in 4-Months in May
(S&P Global) The Composite Output Index gauging the private sector activity in the US was at 53.8 in May, marking the weakest expansion in four months. The index was April’s…
Eurozone’s Growth Remains above Average Despite Easing from April
(S&P Global) Eurozone’s Composite Output Index was recorded at 54.9 in May, down from 55.8 in April. The index marked a two-month low, but took growth to a fifteenth straight…
ECB’s 8-Year Negative Rate Experiment to End in September, Says Lagarde
(ECB) The European Central Bank President Christine Lagarde says the monetary authority will lift the negative interest rates to zero by the end of September. Lagarde says that the move…
Germany’s Business Confidence Defies Geopolitical Tensions to Rise in May
(Ifo Institute) The ifo business climate index of Germany’s economy was recorded at 93.0 points in May, up from 91.9 points in April. A gauge of expectations also came better…
Consumer Confidence Improves Slightly in the Euro Area in May, Steady in EU
(European Commission) Consumer confidence escaped months of declines after improving by 0.9 points in the euro area in May 2022. In the European Union, consumer confidence fell slightly by 0.4…
UK Retail Sales Jumps 1.4% in April After Previous Month Declines
(ONS) The volume of retail sales in the UK increased by 1.4% in April, escaping the decline of 1.2% posted the previous month. Food stores saw sales rise by 2.8%…
PBOC Trims 5-Year Loan Rate to 4.45% as Attention Shifts to Economic Revival
(PBOC) China’s central bank set its five-year loan prime rate at 4.45%, a significant reduction from the previous 4.6%. The reduction was the largest cut since it was revamped in…
Existing Home Sales Fall 2.4% in April as Costs Dampen Buyer Activity
(NAR) The total volume of existing home sales in the US declined by 2.4% in April from March to hit an annual rate of 5.61 million. The sales were 5.9%…
US Manufacturing Mixed as Current Activity Index Hits a Two-Year Low
(Philadelphia Fed) The diffusion index gauging the current activity in the US plunged by 15 points in May to 2.6, the lowest in two years. The share of firms that…
Euro Area Current Account Plunges into a €2B Deficit in March
(ECB) The current account deficit in the euro area was 2 billion euros in March 2022, a significant decline from the 16 billion euros surplus in the prior month. In…
US Housing Authorization, Starts, and Completions Fall in April as Costs Rise
(Census Bureau) The total authorized private-owned housing units stood at an annual rate of 1.819 million in April, a decline of 3.2% from March. The permits are still 3.1% higher…