The latest economic reports show a slowing in the U.S. economy that “experts” had failed to see coming.
Today, the National Association of Realtors released their report on the sales of existing homes. The number of previously-owned homes that sold dropped 3.3% where analysts had expected a slight increase.
Unemployment filings increased more than expected last week according to a report released today.
Thursday also saw the release of the flash reading of the mid-Atlantic Purchasing Manager’s Index (PMI). The report showed that growth in orders has declined to the lowest it’s been since January of 2014.
The National Association of Home Builders Confidence Index dropped two points to 54. “Consumers are exhibiting caution, and want to be on more stable financial footing before purchasing a home,” said NAHB Chief Economist David Crowe.
The struggle to achieve growth has come despite incredibly accommodating monetary policy from the Federal Reserve. Lately, the Feds policies seem ineffective which will likely lead to an increase in interest rates later this year – whether the economy has recovered or not.
