Consumer confidence climbed to its highest reading in more than three years, the Conference Board reported on Tuesday. However, on a month-to-month and six-month basis, buying plans for autos, homes, and big-ticket appliances declined slightly for all three categories.
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The Conference Board’s Leading Economic Index fell by 0.1% in December, below expectations, yet contracted by 2.9% over the past six months, down from 4.3% for the prior six-month period.
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Existing-home sales waned 1.0% in December to a seasonally adjusted annual rate of 3.78 million. Sales faded 6.2% from the previous year. The median existing-home sales price rose 4.4% from December 2022 to $382,600 – the sixth consecutive month of year-over-year price increases.
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Nonfarm payroll employment increased in 39 states and the District of Columbia in December compared to the previous month, while 11 states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 216,000 in December, following a gain of 173,000 jobs in November.
Consumer prices rose again in December, driven by higher energy prices and sticky housing costs. Despite the increase, overall inflation has moderated by nearly half, declining from 6.5% in 2022 to 3.4% by the end of 2023.
Single-family starts and sales are projected to grow in 2024, while falling mortgage rates will likely influence increased supply in the resale market. Zonda is projecting single-family starts growth of 2% on a year-over-year basis in 2024 to approximately 950,000. The NAHB has a similar projection, anticipating starts will increase between 3% and 4% in 2024.
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Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. That is the picture sketched by the World Bank, which forecast Tuesday that the world economy will expand just 2.4% this year.
The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.
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Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2023, according to the U.S. Bureau of Economic Analysis (BEA).
Supply-chain problems might have been much more persistent than economists realized, new research suggests. On inflation forecasting, everybody has a bit of egg on their faces. New research suggests that a misunderstanding of what was happening with global supply chains might be part of why.
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.
