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US Home Sales Increase

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US Home Sales Increase

According to the US Census Bureau New Home Sales have risen for the month of May. In the regular report just released there has been a slight increase in the month on month figures from 0.425M in April to 0.504M last month, the market consensus estimate was for a reading close to 0.440M. The month on month New Home Sales Change figure therefore becomes 18.6% compared to 3.7% in the reference month of April.

On the cost side the S&P Case-Shiller Home Price Index posted a year on year gain of 10.8% in the month of April, this compares to March’s 12.4% expansion and the market consensus estimate for 11.6% growth. Backing up this data is the Federal Housing Finance Agency’s month on month price growth figure, this yielded 0.0% in the month of April in comparison to the 0.7% growth experienced in March and the markets expectation for 0.6% April expansion.

Away from housing the official June Consumer Confidence number has just been released by the Conference Board, this is showing at 85.2 this month which represents a further gain on May’s 83.0 posting, markets had anticipated this indicator to grow to 82.2 this month.

An update on the manufacturing sector has also been made available in the form of the Richmond Fed Manufacturing Index, Junes reading of this indicator shows a level of 3, this is somewhat below the May posting of 7 and also lower than the markets anticipated reading this month of 6.

Finally, a short term update to the retail sales situation has been published earlier this afternoon. The Redbook Index for the week ending the June 20th is showing a month on month fall of -1.7% compared to the previous reading of -1.6%. Year on year however this indicator is faring just slightly better, the current reading is 3.3% in comparison to the prior figure of 3.5% growth.

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