U.S. Housing Market Index Unexpectedly Inches Up To Nine-Month High In January

RTTNews | 171 days ago
U.S. Housing Market Index Unexpectedly Inches Up To Nine-Month High In January

(RTTNews) - Reflecting hopes for an improved economic growth and regulatory environment, the National Association of Home Builders released a report on Thursday unexpectedly showing a modest improvement by U.S. homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index crept up to 47 in January from 46 in December. Economists had expected the index to edge down to 45.

With the unexpected uptick, the housing market index reached its highest level since hitting 51 in April 2024.

"NAHB is forecasting a slight gain for single-family housing starts in 2025, as the market faces offsetting upside and downside risks from an improving regulatory outlook and ongoing elevated interest rates," said NAHB Chief Economist Robert Dietz.

He added, "And while ongoing, but slower easing from the Federal Reserve should help financing for private builders currently squeezed out of some local markets, builders report cancellations are climbing as a direct result of mortgage rates rising back up near 7%."

The modest increase by the headline index came as the index gauging current sales conditions climbed to 51 in January from 48 in December and the gauge charting traffic of prospective buyers rose to 33 in January from 31 in December.

Meanwhile, the component measuring sales expectations in the next six months slumped to 60 January from 66 in December due in part to the elevated interest rate environment.

"While this serves as a cautionary note, the future sales component is still the highest of the three sub-indices and well above the breakeven level of 50," the NAHB said.

The report also said 30 percent of builders cut home prices in January, with the share remaining in a range of 30 percent to 33 percent since last July. The average price reduction in January was 5 percent, unchanged from December.

read more
U.S. Factory Orders Spike In Line With Estimates In May

U.S. Factory Orders Spike In Line With Estimates In May

New orders for U.S. manufactured goods saw a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department factory orders spiked by 8.2 percent in May after plunging by a revised 3.9 percent in April. The sharp increase matched economist estimates.
RTTNews | 3 days ago
U.S. Service Sector Returns To Growth In June

U.S. Service Sector Returns To Growth In June

After reporting a slight contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Thursday showing the service sector returned to growth in the month of June. The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
RTTNews | 3 days ago
U.S. Trade Deficit Widens In May As Exports Slump

U.S. Trade Deficit Widens In May As Exports Slump

A report released by the Commerce Department on Thursday showed the U.S. trade deficit widened in the month of May amid a steep drop by the value of exports. The Commerce Department said the trade deficit climbed to $71.5 billion in May from a revised $60.3 billion in April. Economists had expected the trade deficit to increase to $71.0 billion.
RTTNews | 3 days ago
U.S. Weekly Jobless Claims Unexpectedly Edge Modestly Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Modestly Lower

The Labor Department released a report on Thursday showing an unexpected decrease by first-time claims for U.S. unemployment benefits in the week ended June 28th. The report said initial jobless claims edged down to 233,000, a decrease of 4,000 from the previous week's revised level of 237,000. Economists had expected jobless claims to inch up to 240,000.
RTTNews | 3 days ago
U.S. Employment Jumps By 147,000 Jobs In June, More Than Expected

U.S. Employment Jumps By 147,000 Jobs In June, More Than Expected

A closely watched report released by the Labor Department on Thursday showed employment in the U.S. increased by more than expected in the month of June. The Labor Department said non-farm payroll employment shot up by 147,000 jobs in June after jumping by an upwardly revised 144,000 jobs in May. Economists had expected employment to climb by 110,000 jobs.
RTTNews | 3 days ago