ECONOMIC CALENDAR:Monday: Existing Home Sales Tuesday: Durable Goods Orders, PMI Manufacturing Index Flash, New Home Sales Wednesday: GDP, EIA Petroleum Status Report Thursday: Jobless Claims, Personal Income and Outlays Friday: Consumer Sentiment
Quote of the week:
“The two powers which, in my opinion, constitute a wise man are those of bearing and forbearing.” – Epictetus
- Housing starts fall in May. Groundbreaking on new houses fell last month, but a surge in permits for new construction suggests that the pause may be temporary and that the housing sector will see strong growth this season.
- Jobless claims fall more than expected. The number of Americans filing new claims for unemployment benefits fell more than expected, remaining below the key 300,000 level for the 15th week in a row.
- Inflation sees biggest gain in two years. Consumer prices jumped in May by the largest amount since 2013. The data indicates that price drops relating to gasoline savings may be over and that inflation is returning to trend.
- Apartment rentals reach historic high. Occupancy rates in apartments reached 95.3% in May, the highest level on record, as Americans of all ages move into rental housing in droves.