Banks and the Economy

Consumer Sentiment Held Strong in May

Consumer Sentiment increased 0.1 point in May to 97.1, according to the University of Michigan Consumer Sentiment Index. The Current Economic Conditions Index fell 1.0 point to 111.7, while the Consumer Expectations Index rose 0.7 point to 87.7. “Consumer sentiment has continued to move along the high plateau established following Trump’s election. The final May figure was virtually unchanged from ...

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Durable Goods Orders Decreased in April

New orders for manufactured durable goods decreased 0.7% in April to $231.2 billion, following a 2.3% March increase, according to the U.S. Census Bureau. New orders excluding defense fell 0.8% on the month, as orders of nondefense capital goods decreased 1.9% to $70.4 billion. Shipments of manufactured durable goods decreased 0.3% to $233.0 billion. Inventories of manufactured durable goods rose ...

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First Quarter GDP Revised up to 1.2%

Real GDP for the First quarter of 2017 grew at a seasonally adjusted annual rate of 1.2%, according to the Bureau of Economic Analysis’s revised estimate, up slightly from the advance estimate of 0.7%. The general picture of economic growth remained the same. The increase in the estimate was mostly due to nonresidential fixed investment and personal consumption expenditures being ...

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FOMC Articulates Continued Rationale for Gradual Rate Rise Plan

The Federal Open Market Committee yesterday released minutes illuminating its rationale at its May 2-3 meeting for holding the target federal funds rate at 0.75 to 1 percent but sticking to a plan for gradual rate increases throughout the year. The unanimous decision came in light of accelerating economic growth, which followed a notable slowing that prompted the committee to ...

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Existing-Home Sales Fell in April

Existing-home sales decreased 2.3% to a seasonally adjusted annual rate of 5.57 million in April, according to the National Association of Realtors (NAR). Despite the decline, sales are still at the fourth highest pace over the last year. “Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, ...

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New Home Sales Decreased in April

New single-family home sales rose to a seasonally adjusted annual rate of 569,000 in April, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April level was 11.4% below the revised March rate of 642,000 but 0.5% above the April 2016 level. Sales fell in each region, 7.5% in the Northeast, 26.3% in the ...

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