Hard hitting global and local news
Economists overestimated existing home sales today, rounding out another impressive day of overoptimism. New home sales came in at a seasonally adjusted 5.04 million annualized rate
Originally posted here: Philly Fed Region "Weak but Stable"; Kansas City Region "Declines More Sharply"
In one of the few economic bright spots recently, housing starts surged beating Bloomberg Consensus Estimates . Highlights There were hardly any indications before today, but the spring housing surge is here
The pace of technological advancement accelerates every year. Here are two car prototypes that highlight the advancement. C-1 Electric Two-Wheeled Car Please consider the C1, a Self-Balancing, Two-Wheeled Car invented by Daniel Kim, founder of Lit Motors
Continue reading here: Consumer Confidence Plunges Below Any Economist’s Estimate; Consumers Shock Economists
Read More: Empire State Manufacturing Weaker Than Economists’ Expectations
Industrial Production, Down 5th Month, Weaker Than Economist Expectations Industrial production came in at -0.3%, down for the fifth consecutive month below the Bloomberg Consensus Estimate . Industrial production is stalling, down 0.3 percent in April for a 5th straight monthly contraction. Factories are cutting back with capacity utilization down 4 tenths to 78.2 percent
Original post: Steel Consumption in China Declines First Time in Three Decades; Painful Rebalancing
Read More: Producer Prices, Import/Export Prices Decline Again; Still Think the Fed Will Hike?
More here: Second Quarter GDP Forecast: Blue Chip vs. GDPNow; Where Might the Fed be Wrong?