Sales of new homes in the US fell by 12.4 percent to an annualized rate of 276,000 units. This is the lowest rate since data was first collected in 1963 according to the Commerce Department and is seen by many as confirmation that the economy is slowing more rapidly than previously thought. Analysts are warning that this could suggest the third quarter could actually see a decline in growth.
“If you don’t get a pick up in the next couple of months, it sure looks like it’s possible the economy could contract in the third quarter,” said Keith Hembre, chief economist at First American Funds in Minneapolis, Minnesota.
Source: Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012