- The economy appears to be gaining momentum with data showing strong gains in business spending plans last month and the largest annual rise in house prices in seven years in April. This is good because it shows families are buying houses, which shows there IS a demand for houses, thus boosting the housing market.
- Showed new single-family home sales near a five-year high in May and consumer confidence at its highest level in more than five years this month.
- New home sales increased 2.1 percent to a seasonally adjusted annual rate of 476,000 units – the highest level since July 2008. It was the third straight month of gains in new home sales.
- Durable goods (Durable goods is goods not for immediate consumption and able to be kept for a period of time, which includes cars, household goods (home appliances, consumer electronics, furniture, etc.) orders increased 3.6 percent.
- These economic signals show confidence in the consumers and that the economy is leaning forward.
Categories: Capital Markets