Surging New Home Sales in May Surging new home sales once again blew past expectations, rising 16.6% in May to a 676,000-unit pace. May consumer spending rose a record 8.2%, a sign the US economy is growing again. Fifth District Survey of Manufacturing Activity Reports Steady  The Federal Reserve Bank of Richmond released its Fifth [...]

Record US Retail Sales in May Record US retail sales rose to 18% in May. Total spending remained below pre-pandemic spending...but it is certainly headed in the right direction. June Manufacturing Business Outlook Survey Reports Positive Indicators The Federal Reserve Bank of Philadelphia released its June Manufacturing Business Outlook Survey and reports current indicators for [...]

Small Business Optimism Index ROSE in May The NFIB Small Business Optimism Index ROSE 3.5 points to 94.4 in May. As expected, it remains below its level prior to covid, but the forward-looking components are improving as the economy re-opens, also as expected. Racism… I will confidently say that the great majority of Americans are [...]

The US Jobless Rate FELL and Payrolls Rose in May The US jobless rate FELL to 13.3% in May and payrolls rose by 2.5 million as signs suggest jobs are returning. WSJ US Raw Steel Production UP 1.3% from Previous Week In the week ending May 30, 2020 US raw steel production was 1,206,000 net [...]