Latest Economic Indicators

by on June 3, 2009

Wow! Consumer confidence rose nearly 15 points in the month of May. In April the figure was 40.8 and by the end of May it was 54.9. That was the biggest increase in 6 years!

Meanwhile, the National Association of Realtors reported that existing home sales increased by 2.9% in April to a seasonally adjusted annual rate of 4.68 million homes from 4.55 million in March.

Orders of durable goods, items expected to last three or more years, rose 1.9% in April after a revised drop in March. This was the second increase in three months after 6 straight months of decline.

Initial claims for unemployment benefits fell by 13,000 to 623,000 in the weekending May 23rd. The number of people continuing to receive benefits from unemployment rose to 6.78 million, a record high figure for the 17th straight week.

New home sales rose 0.3% in April to a seasonally adjusted rate of 352,000 from a downward revised rate of 351,000 in March. Unfortunately, economists were expecting a sales pace of 360,000 units.

Overall, the economy is picking up.

On a local level home sale prices rose 5% in the Bay Area.

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