U.S. Economic News

May 24, 2018

U.S. Economic Indicators

Existing home sales declined 2.5% to a seasonally adjusted annual rate of 5.46 million in April, and are 1.4% below year-ago levels.  NAR notes that staggeringly low inventories have kept potential buyers out of the market, even as demand for homes has remained strong.  NAR Report
Initial jobless claims rose 11,000 to 234,000 last week. 
The four-week moving average increased 6,250 to 219,750.  DOL Report

The FHFA House Price Index shows that U.S. house prices rose 1.7% in the first quarter and were up 6.9% from the same period last year.  House prices rose on an annual basis in all 50 states and the District of Columbia. Report

U.S. News

The Wall Street Journal reports that President Trump has threatened to impose tariffs of up to 25% on imported cars. The move would hit some of the U.S.’ closest allies the hardest, as countries like Germany, Japan, and South Korea collectively accounted for roughly 20% of the vehicles sold in the U.S. last year. WSJ

According to the Wall Street Journal, Federal Reserve officials have signaled their intention to raise interest rates when they meet again in June. Officials also said that interest rates could move and remain above their long-run normal level for an extended period of time, as the U.S. economy is expected to operate above potential in the short term. WSJ

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