U.S. Leading Economic Index Decreases More Than Expected In April

RTTNews | hace 522
U.S. Leading Economic Index Decreases More Than Expected In April

(RTTNews) - Suggesting softer economic conditions lay ahead, the Conference Board released a report on Friday showing a continued decrease by its reading on leading U.S. economic indicators in the month of April.

The Conference Board said its leading economic index fell by 0.6 percent in April after dipping by 0.3 percent in March. Economists had expected the index to decrease by another 0.3 percent.

"Deterioration in consumers' outlook on business conditions, weaker new orders, a negative yield spread, and a drop in new building permits fueled April's decline," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "In addition, stock prices contributed negatively for the first time since October of last year."

The report said the leading economic index contracted by 1.9 percent over the six-month period between October 2023 and April 2024, a smaller decrease than the 3.5 percent decline over the previous six months.

"While the LEI's six-month and annual growth rates no longer signal a forthcoming recession, they still point to serious headwinds to growth ahead. Indeed, elevated inflation, high interest rates, rising household debt, and depleted pandemic savings are all expected to continue weighing on the US economy in 2024," said Zabinska-La Monica.

She added, "As a result, we project that real GDP growth will slow to under 1 percent over the Q2 to Q3 2024 period."

The Conference Board said the coincident economic index rose by 0.2 percent in April, matching the uptick seen in March, while the lagging economic index increased by 0.4 percent in April after remaining unchanged in March.

read more
U.S. Homebuilder Confidence Improves Much More Than Expected In October

U.S. Homebuilder Confidence Improves Much More Than Expected In October

A report released by the National Association of Home Builders on Thursday showed homebuilder confidence in the U.S. has improved by much more than anticipated in the month of October. The report said the NAHB/Wells Fargo Housing Market Index jumped to 37 in October after holding steady at 32 in September. Economists had expected the index to inch up to 33.
RTTNews | hace 5
Philly Fed Index Plunges To Six-Month Low In October

Philly Fed Index Plunges To Six-Month Low In October

The Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial pullback by its reading on regional manufacturing activity in the month of October. The Philly Fed said its diffusion index for current general activity plummeted to a negative 12.8 in October after spiking to a positive 23.2 in September, with a negative reading indicating contraction.
RTTNews | hace 5
U.S. Mortgage Applications Fall For Third Week: MBA

U.S. Mortgage Applications Fall For Third Week: MBA

Mortgage applications for house purchase in the U.S. decreased for a third week in a row, survey results from the Mortgage Bankers Association showed on Wednesday. The market composite index, which measures the house purchase mortgage loan application volume, dropped a seasonally adjusted 1.8 percent in the week ended October 10 following a 4.7 percent decline in the previous week, results of th
RTTNews | hace 6
New York Manufacturing Index Unexpectedly Indicates Growth In October

New York Manufacturing Index Unexpectedly Indicates Growth In October

New York manufacturing activity has seen a significant turnaround in the month of October, according to a report released by the Federal Reserve Bank of New York on Wednesday. The New York Fed said its general business conditions index surged to a positive 10.7 in October after plunging to a negative 8.7 in September, with a positive reading indicating growth.
RTTNews | hace 6