The median selling price of U.S. homes in May was $419,300, the National Association of Realtors (NAR) reported, the highest on record and 5.8 percent above the price a year earlier.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – June 25 2024
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FACTORY OUTPUT INCREASED IN MAY
Although retail sales slipped 0.1 percent last month, industrial production increased 0.9 percent, more than twice economists’ 0.4-percent forecast and reversing a decline in March and flat output in April.
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RETAIL SALES FALL FLAT IN MAY
U.S. retail sales increased by a scant 0.1 percent in May as retailers had to offer more discounts to entice cash-strapped consumers to buy, the commerce department reported.
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NEED A JOB? THE MILITARY-INDUSTRIAL COMPLEX IS HIRING
Defense contractors plan to hire tens of thousands of workers this year, expanding their payrolls at the fastest clip since the Cold War ended in the 1990s, according to a Financial Times survey of 20 defense-related companies in Europe and the U.S.
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MILITARY AID IS BALLOONING U.S. BUDGET DEFICIT
U.S. military aid to Israel and Ukraine is helping to push this fiscal year’s budget deficit from the $1.4 trillion estimated in February to $1.9 trillion, the nonpartisan Congressional Budget Office (CBO) has projected.
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THE AMERICAN MIDDLE CLASS IS VANISHING, PEW STUDY FINDS
The U.S. middle class, considered the economic home of most Americans and the engine of the nation’s economy, has been shrinking for 50 years, according to a new study by the Pew Research Center.
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ECONOMIC UPDATE—MARKET OVERVIEW
Dot.com Bust 2.0 coming? Not according to The Street. It’s a Nvidia world of AI... which is no surprise to Trends Journal subscribers. “AI WE OWN YOU” was a Top Trend for 2023.