Consumer sentiment rose to 96.1 in June, up 5.4 points from the previous month according to the University of Michigan Consumer Sentiment Index. The index is currently 15.6 points higher than in June of 2014.
Personal income increased $79 billion, or 0.5 percent, in May according to the Bureau of Economic Analysis, the same pace as the previous month. Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9 percent, in May after increasing only 0.1 percent in April.
U.S. Real GDP for the first quarter decreased at a rate of 0.2 percent, according to the third estimate released by the Bureau of Economic Analysis. The second estimate had reported a 0.7 percent decline.
Sales of new single-family houses in May rose to a seasonally adjusted annual rate of 546,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The May rate is 2.2 percent above the revised April rate of 534,000 and is 19.5 percent above the year-ago rate of 457,000.
New orders for manufactured durable goods decreased 1.8 percent to $228.9 billion in May, according to the U.S. Census Bureau. New orders for manufactured durable goods has been down three of the last four months.
Existing home sales increased 5.1 percent to a seasonally adjusted rate of 5.35 million in May according to the National Association of Realtors, up from a revised 5.09 million in April. Existing home sales have increased year over year for the last eight months.
Small business confidence is the key leading indicator for job growth, says ABA Chief Economist James Chessen.
The rate for a 30-year fixed-rate mortgage averaged 4 percent this week, down from last week’s 4.04 percent, Freddie Mac said today. At this time last year, the 30-year FRM rate averaged 4.17 percent.
The Consumer Price Index increased 0.4% in May on a seasonally adjusted basis, led by sharp increases in prices for gasoline. Prices are unchanged from one year ago, a slight improvement from the 0.1% decline reported last month.
Though the Committee noted that economic activity has expanded moderately after the first quarter, the Federal Reserve Open Market Committee in its June meeting reaffirmed its view that the current 0% to 0.25% target range for the federal funds rate remains appropriate.