A growing number of investors believe the US economy is headed for a “no landing” scenario, in which inflation doesn’t reach the Fed’s 2% target, but the US economy keeps growing.
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The latest Producer Price Index (PPI) from the U.S. Bureau of Labor Statistics (BLS) dropped recently and it shows prices for materials used in door and window manufacturing leveling out or starting to slide, not only from February to March 2024, but on a year-over-year basis as well.
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The U.S. Census Bureau’s wholesale trade statistics for February 2024 sales and inventories was released on March 10th and showed that February sales for merchant wholesalers (except manufacturers’ sales branches and offices, seasonally adjusted, but not for price), were $673.7 billion – up 2.3% from the revised January level and up 0.8% year-over-year. The December to January percent change was revised up from the advanced figure of -1.8% to -1.4%.
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The consumer price index accelerated at a faster-than-expected pace in March, pushing inflation higher and likely dashing hopes that the Federal Reserve will be able to cut interest rates anytime soon.
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Pessimism about rising mortgage rates drove down the March Fannie Mae Home Purchase Sentiment Index (HPSI) for the first time since November. The index ticked down 0.9 points to a reading of 71.9 in March. The full index is up 10.6 points on a year-over-year basis.
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U.S. small-business confidence slipped to the lowest level in more than 11 years in March amid rising concerns about inflation, according to a survey on Tuesday. The National Federation of Independent Business (NFIB) said its Small Business Optimism Index fell 0.9 point to 88.5 last month, the lowest level since December 2012.
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At long last, U.S. manufacturing activity is back in the black. At least, according to a major economic indicator. Released April 1, the Institute for Supply Management’s monthly Manufacturing Purchasing Managers Index (PMI) — seen as a reliable barometer for the health of U.S. manufacturing — showed its first expansion in March in 18 months.
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Home prices continued to trend upward in January, according to the latest S&P CoreLogic Case-Shiller Indices which reported a 6% annual gain in January, up from a 5.6% annual increase in the previous month. While year-over-year price appreciation remains strong, 17 of 20 markets analyzed as part of the CoreLogic Case-Shiller Index saw prices drop on a monthly basis.
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Consumer confidence held steady in March with optimism about current conditions offset by concerns about the future economic outlook. This pessimism was primarily driven by persistent inflation, especially elevated food and gas prices, according to analysis from the NAHB. The Consumer Confidence Index, reported by the Conference Board, stood virtually unchanged at 104.7 in March, the lowest level since November 2023.
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A small rise in mortgage rates in February led to a flat reading for new home sales. Sales of newly built, single-family homes in February edged 0.3% lower to a 662,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in February is up 5.9% from a year earlier.
Read more at NAHB
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.
