Tomorrow’s update on US personal consumption spending for May is expected to show a gain of 0.5% vs. the previous month, based on The Capital Spectator’s median econometric forecast. That’s well above the 0.1% decline reported for April.
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Sales data for new and existing houses delivered better-than-expected news this week, prompting some analysts to predict that the residential real estate market is again poised to come roaring back in the summer and beyond. But a closer look at the numbers suggests that the housing recovery is still sluggish at best. One good month for sales is encouraging, but it doesn’t change what still looks like a slow grind for the broad trend in this corner of the economy.
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