EconUpdate by P. Duffy
Existing home sales rise 1.4 percent in June and 22.9 percent year-on-year
Existing-home sales increased in June, snapping four consecutive months of declines, and rose 1.4% from May and 22.9% year-on-year. The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace. The median existing-home sales price rose at a year-over-year pace of 23.4%, the second highest level recorded since January 1999. Homes on the market typically sold in 17 days.
Initial unemployment claims rebound 13.9 percent to 419,000, but continued claims continue to fall
In the week ending July 17, initial unemployment claims were 419,000, an increase of 51,000, or 13.9 percent, from the previous week’s revised level. Continued claims during the week ending July 10 were 3,236,000, a decrease of 29,000, or 0.9 percent, from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending July 3 was 12,573,833, a decrease of 1,262,815, or 9.1 percent, from the previous week.
Leading Economic Index rises 0.7 in June and 5.0 percent for first half of 2021
The Conference Board Leading Economic Index® (LEI) for the U.S. increased by 0.7 percent in June to 115.1, following a 1.2 percent increase in May and a 1.3 percent increase in April, and is up 5.0 percent since December 2020. While month-over-month growth slowed somewhat in June, the LEI’s overall upward trend accelerated further in Q2.