April pending home sales index posts first year-over-year decline since December
The Pending Home Sales Index decreased 1.3 percent to 109.8 in April from a downwardly revised 111.3 in March. After last month’s decline, the index is now 3.3 percent below a year ago, which is the first year-over-year decline since last December and the largest since June 2014 (7.1 percent).
First quarter GDP growth revised up from 0.7 to 1.2 percent in second estimate
Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017 according to the “second” estimate released by the Bureau of Economic Analysis. In the advance estimate, the increase in real GDP was 0.7 percent. In the fourth quarter, real GDP increased 2.1 percent.
Case-Shiller Index sets 33-month high in March, up 5.8 percent year-on-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8% annual gain in March, up from 5.7% last month and setting a 33-month high. After seasonal adjustment, the National Index recorded a 0.3% month-over-month increase.
Consumer confidence dipped again in May but still optimistic looking ahead
Consumer confidence decreased slightly in May, following a moderate decline in April. However, consumers’ assessment of present-day conditions held steady, suggesting little change in overall economic conditions. Looking ahead, consumers were somewhat less upbeat than in April, but overall remain optimistic that the economy will continue expanding into the summer months.
Global investor confidence index rose 5.1 points to 102.5 in May
After 10 consecutive months of readings below 100, global investor confidence is finally picking up steam, rising 5.1 points to 102.5 in May. Markets continue to anticipate a very gradual course for the Federal Reserve rate hikes, and with hopes for increased infrastructure spending and tax reforms, the North American ICI readings are resonating with the uptick in risk appetite.
Personal income and spending both rose 0.4 percent in April
Personal income increased $58.4 billion (0.4 percent) in April while disposable personal income (DPI) increased $56.5 billion (0.4 percent) and personal consumption expenditures (PCE) increased $53.2 billion (0.4 percent). The PCE price index increased 0.2 percent from March and 1.7 percent year-on-year. Excluding food and energy, the PCE price index increased 0.2 percent and 1.5 percent year-on-year.