In the News
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 1.1% in March after a 1.3% increase in February. On a year-over-year basis, when compared with March 2012, prices rose 10.9%, the first double-digit annual gain since May 2006.
The consumer confidence index reached a five-year high at 76.2 in May from a revised 69 in April. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
Pending home sales, a forward-looking indicator based on signed contracts, rose 0.3% in April after a 1.5% increase in March. On a year-over-year basis, pending home sales were 10.3% higher than April 2012.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 24 fell 8.8%. Purchase volume fell 3%. Refinancing applications decreased 12%.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at a revised annual rate of 2.4% in the first quarter of 2013, compared to the initial estimate of a 2.5% increase.
Retail sales fell 0.9% for the week ending May 25, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.8%.
Initial claims for unemployment benefits for the week ending May 25 rose by 10,000 to 354,000. Continuing claims for the week ending May 18 rose by 63,000 to 2.986 million. The less volatile four-week average of claims for unemployment benefits was 347,250.
Upcoming on the economic calendar are reports on construction spending on June 3 and factory orders on June 5.