The Chicago Fed National Activity Index’s three-month average (CFNAI-MA3) increased to -0.01 in June, reflecting US economic growth that’s effectively at the historical trend rate (i.e., a reading of zero). The rise marks the third consecutive month of modest improvement in economic output, according to this metric in today’s report from the Chicago Fed. The revised data for last month “suggests that growth in national economic activity was very close to its historical trend,” the bank noted in a press release.
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The housing market continue to show signs of recovery after a soft first quarter. The latest hint: yesterday’s better-than-expected rise in existing home sales. Purchases advanced at the strongest pace in over eight years, reaching a new post-recession seasonally adjusted high of 5.49 million units in June. The update follows last week’s bullish news that new residential construction in June is close to a post-recession high while sentiment in the home-building industry this month is near a ten-year high.
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● US existing home sales in June rise at fastest pace in over 8 years…
● US house prices rise 5.7% for 12 months through May…
● Demand for US mortgage applications inch up for week through July 17…
● 30-year Treasury yield falls, near 2-week low…
● UK retail spending was surprisingly soft in June…
● Greece Parliament approves more reform measures for bailout package.