Headlines discussed at LNWM’s Monday morning briefing:
— US existing home sales fell 2.7% in April, 3rd straight monthly decline; since last April, inventory is down 20%, median price is up 19% and 25% of sales are cash vs. 13% 12 months ago.
— Weekly jobless claims fell to 444,000, the lowest level since March 2020; nearly 16 million Americans are still collecting some type of unemployment benefits.
— A key index of US manufacturing activity rose to 61.7, highest level since Oct. 2009, with order backlogs growing at fastest pace in 14 years.
— The Biden admin lowered its infrastructure spending proposal to $1.7 trillion (down from $2.25 trillion) but that is still roughly triple what Congressional Republicans want to spend.
— Eurozone manufacturing and services activity expanded at a faster rate in May, hitting a three-year high, as Covid-19 vaccinations ramp up and businesses re-open.
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