DIRS.INFO The most relevant business & tech news

☆ US consumer confidence dropped for third consecutive month despite the booming economy
▼ + stars: | 2023-10-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

For the third month in a row, the Conference Board’s Consumer Confidence Index fell — dropping to 102.6 in October from an upwardly revised 104.3 in September. The decline in consumer confidence was not evident across all age groups and household income levels. People above the age of 55 exhibited the biggest monthly decline in consumer confidence. Meanwhile, consumers with a household income between $25,000 to $35,000 saw the biggest decline in confidence about the economy over the past month. In contrast, consumers with a household income between $100,000 to $125,000 saw the biggest jump in confidence over the past month.

Persons: ” Dana Peterson, “ Consumers, ”, Bill Adams, ” Peterson, Jeffrey Roach Organizations: New, New York CNN, Conference, Board, Conference Board, “, Big Three, United Auto Workers, Comerica Bank, LPL Financial, Federal Locations: New York, Israel

☆ US new home sales jump to 19-month high; median price falls
▼ + stars: | 2023-10-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

The larger-than-expected increase in sales last month reported by the Commerce Department on Wednesday showed that the new housing market continued to be supported by a chronic shortage of previously owned houses. That is leading to very different dynamics in different parts of the housing market." New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. The National Association of Home Builders reported last week that about a third of builders reported cutting home prices in October, a 10-month high, with the average price discount at 6%. The housing market likely stabilized in the third quarter, thanks to strong homebuilding and new home sales.

Persons: Sarah Silbiger, Bill Adams, resales, Freddie Mac, Dan Hnatkovskyy, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, U.S, Commerce Department, Comerica Bank, Reuters, Midwest ., National Association of Home Builders, Thomson Locations: Washington , U.S, WASHINGTON, Dallas, Northeast, West, Midwest

That is more than double the 2.1% recorded in the second quarter and a testament to the strength of consumers. But he warned that stronger than expected economic data, particularly as regards the labor market, could leave the door open to even more pressure to raise rates or keep them higher for longer. "Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy." Complicating matters is that the post-pandemic economy has not gone according to script where higher interest rates almost always blunt economic activity and cause a marked slowdown in the labor market. “The labor market is still adjusting, if it ever does, there’s a question whether retail will ever recover completely,” he says.

Persons: ” Sam Bullard, Wells, Jerome Powell, Powell, ”, George Calhoun, Calhoun, Bill Adams, –, speakership Organizations: Federal, Economic, of New, Stevens Institute of Technology, University of, Comerica, “ Locations: U.S, of New York, Washington, Israel

☆ US retail sales rose in September for the sixth-straight month
▼ + stars: | 2023-10-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Retail sales, which are adjusted for seasonality but not inflation, grew 0.7% in September from the prior month. Factoring in September’s 0.4% rise in consumer prices, inflation-adjusted retail sales were up 0.3% last month. From a year earlier, retail sales and food services spending were up 3.8% in September, the strongest annual gain since February. Spending grew across most categories last month, with sales at specialty stores advancing the most, by 3%. Excluding sales at gasoline stations, retail sales still advanced 0.7% last month.

Persons: ”, BIll Adams, ’, Adams, US Energy Information Administration “, Liz Ann Sonders, Charles Schwab, Brian Field, Gregory Daco, ” Daco, Joe Biden, Jordan Organizations: DC CNN, Comerica Bank, headwinds, UAW, United Auto Workers, US Energy Information Administration, Hamas, University of, San Francisco Fed, “ Retail, CNN, Employers, Sensormatic Solutions, Services, OPEC Locations: Washington, Israel, Iran

☆ US stocks rise as investors parse Fed minutes and await September inflation report
▼ + stars: | 2023-10-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks inched higher Wednesday as investors read through the latest Fed minutes. Central bankers remained mostly hawkish on their approach to inflation at the last policy meeting. Central bankers signaled that they would continue to remain cautious on inflation at their last policy meeting, per the latest minutes. Around two-thirds of Fed members predicted one more rate hike before the end of 2023, according to the Fed's dot plot of interest rate expectations. Investors are now looking ahead to the September inflation report, due at 8:30 a.m. on Thursday.

Persons: —, Bill Adams, Adams Organizations: Service, Reserve, Nasdaq, UAW, Comerica Bank, Investors, Dow Jones Locations: Russia, Ukraine, Israel

☆ Coal makes a quiet resurgence in the clean energy era
▼ + stars: | 2023-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

CNN —As momentum shifts toward clean energy, coal has had some unexpected staying power. A new report by the International Energy Agency found that global coal demand hit an all-time high in 2022 amid the energy crisis, eclipsing the previous record set in 2013. For example, Panasonic built a new electric vehicle plant in Kansas to aid its transition to clean energy. Why it matters: Coal, the highest carbon emitting and dirtiest energy source, is the single biggest contributor to human-created climate change. The Hollywood writers’ strike is overThe Hollywood writers’ strike is finally over after 148 days.

Persons: Goldman Sachs, Goldman, “, Dow tumbles, It’s, Stocks, Krystal Hur, ”, Bill Adams, Moody’s Organizations: CNN Business, Bell, CNN, Commodities, Bloomberg, International Energy Agency, IEA, Panasonic, Federal Reserve, Dow Jones, Nasdaq, Fed, Silicon Valley Bank, Signature Bank, Comerica Bank, Government, Fitch, Hollywood, Writers Guild of America, WGA, SAG Locations: Ukraine, Europe, United States, Kansas

☆ Dow tumbles nearly 400 points, notching biggest one-day drop since March
▼ + stars: | 2023-09-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average fell 388 points, or 1.1%, its biggest one-day decline since March. The stock market remains in a bull market, however — it would need to fall 20% from its peak to enter bear territory. “The Fed will see the reacceleration of house prices as a reason to keep interest rates higher for longer,” said Bill Adams, chief economist at Comerica Bank. JPMorgan Chase CEO Jamie Dimon said Tuesday in an interview with the Times of India that he is preparing the bank’s clients for a 7% interest rate scenario, further spooking investors.

Persons: Stocks, ”, Bill Adams, paring, Brent, JPMorgan Chase, Jamie Dimon, Moody’s Organizations: New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Comerica Bank, Fed, Silicon Valley Bank, Signature Bank, West Texas, JPMorgan, Times, Fitch Locations: New York, Times of India

☆ The latest data signals the Fed will pause next week and keep future rate hikes on the table
▼ + stars: | 2023-09-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That data indicates that the Federal Reserve is still likely to hold rates steady next week, some investors say. Inflation: US inflation climbed 3.7% in August from the prior year, marking an acceleration for the second consecutive month, according to the latest Consumer Price Index. Excluding the boost from gas station sales, retail spending added 0.2% in August from July. Traders see a roughly 97% chance that the central bank keeps rates unchanged in September, according to the CME FedWatch Tool. The central bank has now raised its main interest rate at 10 consecutive meetings, taking it to the highest level since the launch of the euro currency in 1999.

Persons: “, ”, Sam Millette, Price, Taylor Swift, Bill Adams, Jerome Powell, Liz Young, CNN’s Olesya, Michelle Toh ., Read Organizations: CNN Business, Bell, CNN, Federal Reserve, Commonwealth Financial Network, National Federation of Independent Business, Comerica Bank, Traders, European Central Bank, Central Bank, ECB, Cornell University, Schroders, Fashion, Cornell’s Global Labor Institute Locations: Saudi Arabia, Russia, Jackson Hole , Wyoming, Bangladesh, Pakistan, Vietnam, Cambodia, Schroders

☆ US unemployment rate rises, wage growth cools as labor market slows
▼ + stars: | 2023-09-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The labor market is slowing in response to the U.S. central bank's hefty rate hikes to cool demand in the economy. Leisure and hospitality payrolls increased by 40,000. Household employment increased by 222,000. As a result, the unemployment rate increased to 3.8%, the highest level since February 2022, from 3.5% in July. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, increased to 62.8%.

Persons: Elizabeth Frantz, Bill Adams, Nonfarm, Lucia Mutikani, Nick Zieminski, Chizu Nomiyama, Paul Simao Organizations: REUTERS, Federal Reserve, Labor Department, Employment, Comerica Bank, Reuters, Hollywood, Reuters Graphics Reuters, Treasury, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, Dallas

☆ The US economy grew more slowly in the second quarter than previously estimated
▼ + stars: | 2023-08-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy grew more slowly in the second quarter than previously estimated — a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 2.1% in the second quarter, according to the Commerce Department’s second estimate, released Wednesday morning. The second estimate factored in greater consumer spending, government outlays and exports, compared with the initial estimate. Economic growth in the second quarter was mostly broad based, but there were some signs of weakened demand for goods purchases and imports. Consumer spending, which accounts for about 70% of economic output, was revised slightly higher in the second estimate.

Persons: ”, Bill Adams, Barbie, Taylor Swift, Jerome Powell, ” Powell, Biden, Lydia Boussour, “ Organizations: DC CNN, Federal Reserve, Gross, Commerce, Consumer, Comerica Bank, The Commerce Department, Kansas City, Atlanta Fed, Fed Locations: Washington, United States, Wells Fargo, EY

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. Benchmark 10-year yields reached 4.312% in trading and tested October's 4.338%, before moving lower to 4.29%. Tighter credit conditions will eventually dampen economic activity and markets are choppy from the uncertainty," said Jeffrey Roach, chief economist for LPL Financial. Wall Street was mixed in the first half of the trading day before accelerating losses as the session ended. Brent crude was up over 1% earlier in the day before settling up 0.35% at $83.74 a barrel.

Persons: Brendan McDermid, Yen, Jeffrey Roach, Bill Adams, Brent, Ankur Banerjee, Alun John, Anisha, Sonali Paul, Angus MacSwan, Chizu Nomiyama, Nick Macfie, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, LPL Financial, Dow Jones, Nasdaq, U.S . Labor Department, Comerica Bank, Zhongzhi Enterprise Group, Thomson Locations: New York City, U.S, CHINA, China, China's, Singapore, London, Bengaluru

☆ US weekly jobless claims fall; tight labor market underpinning economy
▼ + stars: | 2023-08-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The labor market is only slowing at the margin, with job gains in July being the second-smallest since December 2020. Labor market strength, excess savings accumulated during the COVID-19 pandemic and greater credit card usage to fund purchases have kept a recession at bay. Some economists saw the slight elevation as indicating a small margin of slack in the job market. The Philadelphia Fed’s business conditions index increased to a reading of 12.0 this month from -13.5 in July. A survey this week from the New York Fed showed business conditions in the “Empire State” remained depressed in August.

Persons: Shannon Stapleton, ”, Christopher Rupkey, Jerome Powell’s, Jeffrey Roach, Bill Adams, Daniel Silver Organizations: WASHINGTON, REUTERS, Federal, Labor Department, Reuters, Treasury, Conference, Labor, LPL Financial, Conference Board, Comerica Bank, Philadelphia Fed, New York Fed, JPMorgan Locations: New York City, U.S, New York, Ohio, California, Texas , Michigan , New Jersey, Pennsylvania, Virginia, Charlotte , North Carolina, Dallas, New Jersey, Delaware, Philadelphia, “

☆ Strong services costs lift US producer prices; inflation expectations dip
▼ + stars: | 2023-08-11 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Some said the downgrade to June's data meant the rise in the PPI last month was in line with expectations. In the 12 months through July, the PPI increased 0.8% after gaining 0.2% in June, boosted by a lower base of comparison last year. Excluding the volatile food and energy components, the so-called core goods prices were unchanged last month after falling 0.2% in June. In the 12 months through July, the so-called core PPI increased 2.7%, matching June's rise. As with all the July inflation data, the pick-up in the annual core PCE rate is due to unfavorable base effects.

Persons: Bill Adams, Will Compernolle, Eugenio Aleman, Raymond James, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: PPI, Labor Department, Federal Reserve, Comerica Bank, Reuters, Reuters Graphics, Treasury, Consumers, University of, CPI, Fed, Thomson Locations: August WASHINGTON, Dallas, U.S, New York, disinflation

☆ Following CPI report, the market has locked in on no more rate hikes from the Fed
▼ + stars: | 2023-08-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The market has its mind made up: July's tame inflation reading means no more interest rate hikes from the Federal Reserve. The "patience" reference goes to whether policymakers will be satisfied that inflation will come back to normal without any further rate increases, or if additional tightening is necessary. Following Thursday's release of the consumer price index , which showed a 12-month inflation rate of 3.2%, markets upped their bets that the Fed is staying put. The chance of any additional rate increases also declined, dropping to 27.3% for November and 24.1% for December, as of about 1:30 p.m. Thus, there was some caution from the CPI internals, and a stock market rally cooled Thursday afternoon as Wall Street digested the report.

Persons: Quincy Krosby, Bill Adams, Rick Rieder, Tom Lee, Bradley Saunders Organizations: Federal, LPL, of Labor Statistics, Fed, Comerica Bank, Market Committee, Capital Economics Locations: BlackRock

☆ US labor market resilient; productivity rebounds in second quarter
▼ + stars: | 2023-08-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Other data from the Labor Department on Thursday showed a marked slowdown in labor costs in the second quarter, thanks to a sharp rebound in worker productivity. That added to reports last month showing a significant moderation in annual inflation in June as well as wage growth in the second quarter. Reuters GraphicsWorkers were more productive in the second quarter, which helped to curb growth in labor costs. Nonfarm productivity, which measures hourly output per worker, increased at a 3.7% annualized rate in the second quarter after declining at a 1.2% pace in the January-March quarter, the Labor Department said in a third report. Unit labor costs - the price of labor per single unit of output - rose at a 1.6% rate in the second quarter.

Persons: Andrew Kelly, Bill Adams, Nonfarm payrolls, Sarah House, Lucia Mutikani, Safiyah Riddle, Paul Simao, Andrea Ricci Organizations: REUTERS, WASHINGTON, Federal Reserve, Labor Department, Comerica Bank, Labor, The Institute for Supply Management, Treasury, Reuters, Reuters Graphics Workers, Thomson Locations: Manhattan , New York City, U.S, Dallas, California, Ohio, Texas, Georgia, Missouri, Wells, Charlotte , North Carolina

☆ The US economy is surging
▼ + stars: | 2023-07-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Real gross domestic product, or real GDP, grew at an annualized rate of 2.4%. That advance estimate for the second quarter beat the 1.8% increase expected. A recent GDP preview from Gregory Daco, chief economist of EY, also highlighted strength in the US economy and what it may mean. "Still, the economy continues to face significant headwinds from persistently elevated prices and costs, tightening credit conditions and rising interest rates. That's also much higher than the 3.2% seen in the second quarter of 2022.

Persons: Bill Adams, Jerome Powell, Powell, Gregory Daco, Daco, That's Organizations: Service, BEA, Consumer, Federal Reserve, Comerica Bank's, Fed Locations: Wall, Silicon

☆ US producer inflation muted; labor market still tight
▼ + stars: | 2023-07-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

That was the smallest year-on-year gain since August 2020 and followed a 0.9% increase in May. CORE INFLATION SLOWINGExcluding the volatile food and energy components, the so-called core goods prices fell 0.2% last month after climbing 0.1% in May. In the 12 months through June, the core PPI advanced 2.6%. That was the smallest year-on-year gain since February 2021 and followed a 2.8% increase in May. While inflation is slowing, the labor market remains tight.

Persons: Bill Adams, Jeffrey Roach, Christopher Rupkey, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: PPI, Labor Department, Federal Reserve, Comerica Bank, Reuters, Financial, Services, Wholesale, Fed, Energy, LPL Financial, Treasury, CPI, Thomson Locations: WASHINGTON, U.S, Dallas, Charlotte , North Carolina, Stocks, New York

☆ Inflation fever is finally breaking. The Fed’s soft landing may be in sight
▼ + stars: | 2023-07-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But I can’t help imagine him quietly fist-pumping the moment he got wind of the latest inflation data. For context, a year ago the CPI peaked at 9.1% — the worst inflation in more than 40 years. After a punishing stretch of rising prices, “the fever is breaking,” wrote Bill Adams, chief economist for Comerica Bank. In other words, the Fed may actually pull off the “soft landing” — lowering inflation without tanking the economy — that few believed was doable even six months ago. “The odds of achieving a soft landing just went up drastically,” Dan Alpert, managing director of Westwood Capital, told me.

Persons: CNN Business ’, Jerome Powell, he’d, Jay won’t, ”, Bill Adams, Jay Powell, “ We’ve, Lael Brainard, Joe Biden’s, “, Brainard, hadn’t, ” Dan Alpert, “ I’m, Jamie Dimon, you’ll Organizations: CNN Business, New York CNN, Consumer, Comerica Bank, Fed, Westwood Capital, JPMorgan Chase Locations: New York

☆ The economy is doing exactly what we need to avoid a recession and keep booming
▼ + stars: | 2023-07-12 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Recent data reveals inflation is cooling, the labor market is slowing, and a recession may not come after all. Inflation data released Wednesday showed that inflation is coming down fast. The Fed may be pleased by this data, though a rate hike may still be on the table later this month. Other measures also show that the job market is still very healthy. The Fed may be happy to see slower job growth and the prime-age labor force participation rate rising, Bunker said.

Persons: doesn't, Julia Pollak, Nick Bunker, Bunker, Jerome Powell, Bill Adams, Pollak, " Pollak, Powell Organizations: Service, Labor, Survey, North America, Federal, Consumer, CPI, National Federation of Independent Business, Congress, Fed, Comerica Bank, Comerica Locations: Wall, Silicon

☆ US economic growth expanded much faster in the first quarter than previously estimated
▼ + stars: | 2023-06-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday. Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. Consumer spending accounts for about two-thirds of economic output and the latest estimate incorporated data from the Commerce Department’s Quarterly Services Survey. The revised trade flows contributed positively to GDP, with exports rising more than previously estimated while imports were revised down. And consumers might spend a bit more as the still try to recoup lost time or secure purchases they previously weren’t able to.

Persons: —, ”, Gregory Daco, Ernst & Young, “, Jerome Powell, Bill Adams Organizations: DC CNN, Commerce Department, Gross, Commerce Department’s Quarterly Services Survey, Ernst &, Fed, “ Consumers, Comerica Bank, CNN Locations: Washington

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

☆ Dollar falls after weak services data
▼ + stars: | 2023-06-05 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, June 5 (Reuters) - The dollar fell on Monday on news that the U.S. services sector barely grew in May as new orders slowed, ending an initial rally sparked by strong jobs growth. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. The dollar index fell to 104.00, down 0.13% on the day, after climbing as high as 104.40. The Aussie dollar edged higher before the Reserve Bank of Australia (RBA) is due to announce its interest rate decision on Tuesday. "We expect the RBA to hike tomorrow and guide for more, leading to a ~25-bp upgrade to terminal rate pricing and a sharp AUD rally."

Persons: Bill Adams, Brian Daingerfield, Philip Jefferson, Daingerfield, Wells, Erik Nelson, Jack Boswell, Iain Withers, Kirsten Donovan, Richard Chang Organizations: YORK, Institute for Supply Management, Reuters, Comerica Bank, Reserve, NatWest Markets, Reserve Bank of Australia, U.S ., Thomson Locations: Stamford , Connecticut, U.S, London

☆ Slower US job, wage gains expected in May
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Nevertheless, the Labor Department's closely watched employment report on Friday is expected to still show the labor market remaining tight. PROGRESS ON INFLATIONBut the overall labor market remains upbeat, with first time applications for state unemployment benefits hovering at very low levels. Slowing wage inflation is corroborated by other measures like the Atlanta Fed's wage tracker, which has come off its peaks. Financial markets see a nearly 70% chance of the Fed keeping its policy rate unchanged at its June 13-14 meeting, according to CME Group's FedWatch Tool. The Labor Department's Bureau of Labor Statistics, which compiles the employment report, did not record the work stoppage in its May strike report.

Persons: Bill Adams, Brian Bethune, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Comerica Bank, Data, Labor Department, Atlanta, Boston College, Fed, Writers Guild of America, Labor Department's Bureau of Labor Statistics, Oxford Economics, Thomson Locations: y WASHINGTON, Dallas, New York

What to watch in today’s jobs reportMarket futures are looking up today after the Senate approved the bipartisan debt limit deal, averting a national fiscal crisis. All eyes will be on the May jobs report. Hiring has slowed in recent months, but the unemployment rate still stands at a 53-year low despite a wave of layoffs in the technology, media and financial sectors. Analysts say the labor market over all appears to be returning to its prepandemic state. “The Great Resignation is over, with quits and hiring slowing dramatically and layoffs higher than the last few years of the 2010s,” Bill Adams, the chief economist at Comerica Bank, wrote to clients.

Persons: ” Bill Adams Organizations: Analysts, Comerica Bank Locations: U.S

☆ US home prices just jumped for the second-straight month, suggesting the housing downturn could be over. Here are the 6 cities where prices are rising the fastest.
▼ + stars: | 2023-05-31 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

In the 20-city version of the index, all 20 of the cities saw home prices rise month-over-month. "That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months." "A shortage of listings, plentiful jobs, and strong wage growth are largely offsetting the headwind to housing from high mortgage rates," Adams told Insider. Their reasons include high mortgage rates, historically low affordability, and a potential recession. Below, we've listed in descending order the six cities in the Case-Shiller 20-city index that posted month-over-month growth of at least 2%.

Persons: Craig J, Lazzara, Bill Adams, Adams, Suisse's Ray Farris, Rosenberg Research's David Rosenberg, Ian Shepherdson, American Enterprise Institute's Desmond Lachman, Skylar Olsen Organizations: Home, NSA, Redfin, Comerica Bank, American Enterprise Locations: Denver, Detroit, San Francisco, San Diego, Seattle, Minneapolis, West Coast, Miami , Florida, Tampa , Florida, Charlotte, North Carolina

Search resuls for: "Bill Adams"

25 mentions found