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May 24, 2015

Latest Economic News From The U.S. & Canada

  • Two separate reports released last week indicate U.S. economic growth could be somewhat stronger in the second quarter. The Conference Board Leading Economic Index rose 0.7 percent in April to 122.3. The Conference Board said the reading suggested “the paltry economic growth in the first quarter may be temporary.” The Chicago Federal Reserve’s National Activity Index, meanwhile, increased to -0.15 in April from -0.36 in March.
  • Canadian manufacturing sales increased 2.9 percent from February to March. Sales in aerospace products and motor vehicles led the positive reading while a drop in fabricated metals tempered it. Manufacturing inventories fell 0.4 percent.
  • The Kansas City Federal Reserve’s manufacturing index fell to -13 in May (its lowest level since April 2009) from -7 in April. A drop in durable goods manufacturing led the decline. Overall production, shipments and new orders also fell. The Philadelphia Federal Reserve’s manufacturing index also fell, dropping to +6.7 in May from +7.5 in April. The new orders sub-index fell while shipments increased.
  • In other economic news: the number of new homes under construction in the U.S. increased 10.1 percent between March 2015 and April 2015 and 6.4 percent between April 2014 and April 2015; U.S. existing home sales fell 3.3 percent from March to April, but were up 6.1 percent year-over-year; and the U.S. consumer price index rose 0.1 percent from March to April but was down 0.2 percent from April 2014.