First quarter 2018 economic output was more moderate than earlier estimates suggested according to the Final Revision to Gross Domestic Product (GDP) from the Bureau of Economic Analysis (BEA). Their latest calculation indicates an annualized growth rate of 2.0 percent, downwardly revised from 2.2 percent in the second tally and 2.3 percent in the initial estimate. In sum, output sl
Sales of existing homes moved higher in May according to the Census Bureau. On a seasonally adjusted basis, transactions reached 689,000 units. This demonstrates an increase of 6.4 percent from April and 14.1 percent above the tally from a year ago. New home sales are helping push our economy ahead.
Economic output slowed in May 2018 according to the Chicago Fed National Activity Index (CFNAI). After reaching an upwardly revised +0.42 in April (originally +0.34), it declined to -0.15 in the middle of the second quarter. Unfortunately, this lower monthly tally hurt the three-month moving average which dropped to +0.18 from +0.48 to start the quarter.
Existing homes sales were disappointing to start the second quarter of 2018 after moving higher in both February and March. Month-over-month, transaction volume fell 2.5 percent in April. Even more disappointing is the year-over-year tally which also fell, dropping 1.4 percent and declining for a second consecutive period.
Economic growth is poised to continue according to the Conference Board’s latest release on the Leading Economic Index (LEI). Their 10-component indicator increased 0.4 percent in April 2018 to 109.4. This healthy uptick is on the heels of two other strong increases in February and March of 0.7 percent and 0.4 percent respectively.