WASHINGTON: Sales of new U.S. single-family homes fell from near an 11-1/2-year high in April as prices rebounded and manufacturing activity slowed to its lowest level in nearly a decade in May, pointing to a slowdown in economic activity.
Sales increased 7.0per cent from a year ago. The median new house price increased 8.8per cent from a year ago to US$342,200 in April, the highest level since December 2017. The overall housing market hit a soft patch year and has contracted for five straight quarters. With the labor market strong and the 30-year fixed mortgage rate dropping to around 4.07per cent from near an eight-year high of 4.94per cent in November, there is reason to be cautiously optimistic about the housing market.
The four-week average of claims increased 18,750 between the April and May survey periods, suggesting some moderation in employment gains after payrolls surged by 263,000 jobs last month. The unemployment rate is at 3.6 percent. In a third report, data firm Markit on Thursday said its U.S. manufacturing PMI declined to 50.6 from a final reading of 52.6 in April, marking the lowest level since September 2009. A reading above 50 indicates growth in the manufacturing sector, which accounts for about 12per cent of the U.S. economy.
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