Economic Statistics for 30 May 12
The following statistics were released today on the state of the US economy:
The Pending Home Sales Index fell 5.5% to 95.5. Unexpectedly, of course. This indicates coming weakness in May and June home sales.
Despite low rates, mortgage applications fell -1.3%, with purchase applications down -0.6%, and refinance applications down -1.5%.
In retail sales, Redbook’s year-over-year same store sales increase of 3.2% still leaves May sales down -0.9% from April. ICSC-Goldman reports store sales fell -0.5% for the week, with year-over-year store sales up 2.9%. This is better than Redbook, but still not good.
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Dale Franks
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This indicates coming weakness in May and June home sales.
May will mark the restart of foreclosures, now that the “robo-signing” scandal has been set aside by the DOJ.
And then there is Spain. It is about where Greece was a year ago. Except Spain won’t be so easily dismissed with a GTFO.
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