Unemployment Benefits: The number of Americans continuing to receive jobless benefits rose to its highest level since late 2021. In May, core durable goods orders saw their biggest decline of the year. The unemployment data indicates that people are taking longer to find new jobs, which is not a positive sign for the economy. Housing Market: The leading indicator for the U.S. housing market collapsed again, with pending home sales i...
GDP Breakdown Highlights -Real GDP increased by 1.4% in Q1 2024, up from the second estimate of 1.3%. -This growth rate is a significant deceleration from the 3.4% increase in Q4 2023. -Current-dollar GDP rose 4.5% to $28.27 trillion. The price index for gross domestic purchases increased 3.1%. -Personal consumption expenditures (PCE) price index increased 3.4%. -Personal income and disposable personal income saw increases, though both were revised downward. -Real gross domestic i...
Cleveland Fed economist: If there is no recession, it will take another three years. If supply chain improvements no longer drive down inflation, the only downward pressure could come from an economic recession. Without a recession, more patience will be needed, and it will take time for inflation to return to 2%. $S&P 500 Index(.SPX.US)$$Lennar Corp(LEN.US)$$D.R. Horton(DHI.US)$$KB Home(KBH.US)$
Morning Movers Gapping up $Alcoa(AA.US)$stock increased by 1.7% as the company's earnings exceeded expectations with plans for steady production into 2024. $Micron Technology(MU.US)$stock experienced a 2.2% boost following news of over $6 billion in government grants earmarked for the company's domestic chip factory initiatives. $D.R. Horton(DHI.US)$shares ascended 2.6% with the homebuilder reporting a rise in quarterly prof...