US Home Sales Below Expectations in June, Home Prices Hit All-Time High
US home sales dropped more than expected in June with a -1.72% decline vs. just -0.2% expected. Despite lower mortgage rates, the housing market continues to struggle under current economic conditions.
Big Miss as Richmond Fed Manufacturing Index Hits 6-Year Low
The Richmond Fed manufacturing index for July came in far below expectations with a reading of -12 vs. 5 expected, stunting hopes of a surge in the sector. The index is now at its lowest point since January 2013.
Philadelphia Fed Index Far Exceeds Expectations, Gold Price Ticks Upward
The Philadelphia Fed manufacturing index came in at 21.8 in July compared to just 5 expected, greatly exceeding expectations following a weak result in June which saw the index dip to near negative territory at just 0.3.
Gold Prices Under Pressure Despite Weak Housing Market Data
The rate of US home construction declined in June with apartment building leading the drop, offsetting a small increase in the rate of construction on new single-family homes. The rate of permits has now hit a 2-year low, indicating further poor performance to come.
US Retail Sales Double Expectations for June, Gold Prices Face Pressure
US retail sales blew past projections of 0.2% gains in June, coming in at 0.4% gain following a downwardly revised 0.4% gain the month prior. Sales excluding volatile components also exceeded expectations, and this is seen as a more accurate gauge of consumer demand.
US Producer Prices Rise in June, Producer Inflation at 2 Year Low
US producer prices ticked upward in June while the cost of energy and other goods fell for the second month in a row. The Labor Department released a report on Friday stating that the producer price index (PPI) rose by 0.1% in June after a similar gain in May. The gain was in line with market expectations.
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