Housing inventory of existing homes was 4.2 months’ supply in May. It was 4.6 months for new houses. This is a low number by historic standards. Low supply coupled with low interest rates results in higher prices. A total of 610,000 homes changed hands in May. According to Census Bureau data, the national average price [...]
The US dollar (USD) has declined in value against the seventeen steel trading nations that we track. Of these 17, 12 have gained against the dollar over the past three months, 10 over the past month. Looked at over a one year period, the dollar has lost ground against 9 of the 17. The dollar [...]
After surging to its highest level since November 2014, the CFNAI fell back -0.26 in May. Despite the roll-back, the three month moving average (3MMA), remained positive (0.04). Only one of the four sub-indexes that make up the headline index made a positive contribution in May. Sales, orders and inventories category made a contribution of 0.02 [...]
The total number of operating rigs in the US the week ending June 16th was 933, 747 oil and 186 gas. Month on month oil rigs were up 27 or 0.8% and gas rigs were up 6 or 3.3%, for an overall increase of 32 or 3.6%. This makes 22 weeks in a row of [...]
Total consumer credit increased by $8.20 billion (B), in April down substantially from March’s $19.54B and far below analyst’s expectations. Both revolving and installment credit fell month on month, (m/m). The 3 month moving average (3MMA) total credit was $14.75B. On a non-seasonally adjusted (NSA), year on year, (y/y) basis, total consumer credit increased by [...]
New data from the Bureau of Labor Statistics (BLS), shows that continuous claims for unemployment benefits fell by 21,000 for the week ending May 6th, this on the heels of the previous weeks 59,000 decline. Unemployment insurance claims are a count of recipients by state of benefits mandated by federal law. The key advantage of [...]
The US dollar (USD) has fallen for 5 consecutive weeks against the Broad Index, (a trade weighted basket of currencies). The May 2017 Broad index value was 99.34, down 0.4% from the April’s reading and down 2.1% compared to 3 months ago. On a year over year (y/y) comparison, the dollar was up, 2.2% and [...]
The BDI average for May was 976. Year to date (YTD), the index has averaged 1,003. In the same period last year the BDI average was 457. The BDI is a shipping and trade index created by the London-based Baltic Exchange that measures changes in the cost to transport raw materials. The Baltic Dry Index offers a [...]
The annualized Gross Domestic Product (GDP), growth rate in the second estimate of the first quarter (Q1), of 2017 was 1.15%, revised upward from the dismal 0.7% first estimate. Increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated. [...]
The overall summary is that; the economy continues to expand across most of the nation at a modest to moderate pace. Tight labor markets are reducing the rate of hiring and causing wages to rise. The housing market is strengthening. Policy uncertainties are negatively impacting business investment. The economy is expected to continue grow and [...]
