The path U.S. inflation is expected to follow over coming years generally softened in June, amid retreating projections of price increases for a wide array of consumer goods and services, a Federal Reserve Bank of New York report released on Monday said.
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The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates.
The Institute for Supply Management released its monthly manufacturing Purchasing Managers Index (PMI) on July 1st reflecting June activity, which showed a third straight monthly decline.
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U.S. construction spending unexpectedly fell in May as higher mortgage rates depressed single-family homebuilding, and recovery is likely to be muted by improving housing supply. The Commerce Department’s Census Bureau said on Monday that construction spending dipped 0.1% after an upwardly revised 0.3% increase in April. Economists polled by Reuters had forecast construction spending to rebound by 0.2% after a previously reported 0.1% fall in April.
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An important economic measure for the Federal Reserve showed last Friday that inflation during May slowed to its lowest annual rate in more than three years. The core personal consumption expenditures price index increased just a seasonally adjusted 0.1% for the month and was up 2.6% from a year ago, the latter number down 0.2 percentage point from the April level, according to a Commerce Department report.
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The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary Janet Yellen promoted the new investments on Monday during a visit to Minneapolis.
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American consumers lost some confidence in June as expectations over the near-term future fell again. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell in June to 100.4 from 101.3 in May. The index’s decline was not quite as bad as analysts were expecting.
Existing home sales fell for the third straight month in May because of lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the 11th consecutive month of year-over-year median sales price gains. However, rising inventory is likely to dampen home price growth in the months ahead.
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U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation. The University of Michigan’s consumer sentiment index, released last Friday in a preliminary version, dropped to 65.6 this month from a final reading of 69.1 in May.
U.S. factory output beat expectations and rose sharply in May, according to Federal Reserve data released Tuesday. The data suggest the manufacturing sector staged something of a rebound last month, despite the Fed’s decision to hold interest rates at a 23-year high to tackle inflation, which has taken a toll on the manufacturing sector.
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World Millwork Alliance (WMA) 54 TH Annual Convention & Tradeshow will hold its’ premier event at the Memphis Cook Convention Center from September 11-15, 2018. WMA will offer Veterans and Students complimentary access to the exhibit hall during Millwork Career Day on Friday, September 14, 2018 during the show hours of 10:00 a.m. – 3:30 p.m.
WMA welcomes Veterans and Students to explore a career in the millwork industry. Learn from worldwide millwork professionals while viewing the finest millwork products. Meet with industry distributors and manufacturers about the opportunities in a millwork career.
Pre-registration for a name badge is available by completing a WMA Registration Form. Any local Student or Veteran who has pre-registered will pick up their complimentary “Expo – One Day Pass” with a valid student ID or Veteran ID at the WMA registration desk in the Memphis Cook Convention Center.
Veterans must show a Veteran’s Administration (VA) identification card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Students must show a valid Student photo I.D. card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Pre-registration is open until August 13, 2018; thereafter, registration is onsite at the WMA registration desk in the Memphis Cook Convention Center.
