EVERYTHING IS GOING SWIMMINGLY: Jobless Claims Exceed Estimates, Philly Fed Index Declines, Housing Starts And Permits Fall Sharply.
In May 2024, housing starts saw a significant decline, dropping 5.5% month-over-month to an annualized rate of 1.27 million. This was a decrease from a revised 1.352 million in April and fell short of the 1.37 million forecast.
Single-family housing starts decreased by 5.2% to 982,000, while starts for buildings with five or more units were at 278,000.
Building permits also dropped by 3.8% to a seasonally adjusted annual rate of 1.386 million in May 2024, down from 1.44 million in April, the lowest level since June 2020 and below the expected 1.45 million.
The Philadelphia Federal Reserve’s general activity index fell by 3 points to 1.3 in June, the lowest since January 2024 and below the forecast of 5.2. The current shipments index decreased by 6 points to -7.2, its lowest since December. The new orders index, while still negative, improved from -7.9 in May to -2.2 in June.
The employment index rose but remained negative for the eight straight month, indicating a continued overall decline in employment levels.
Regarding prices, both price indexes suggested ongoing overall price increases. The prices paid index rose 4 points to 22.5, while the current prices received index soared 7 points to 13.7.
None of this sounds like the claims made by the White House and the Mainstream Media, but I repeat myself.