The Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.3% in May, after increasing 0.2% April and after declining 0.4% March. On an unadjusted basis, the index for final demand advanced 1.1% year-over-year.
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Mortgage Applications Increase in the Week Ending June 9th
According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending June 9th, the Market Composite Index—a measure of mortgage loan application volume—rose 7.2% on a seasonally adjusted basis from one week earlier.
Lack of Available Homes and Eager Buyers Continued to Push Home Prices Higher in May
Zillow® on Monday released its market report for May. According to the report, typical US home values increased by 1.4% from April to May, the strongest monthly price growth since June 2022. The typical home value is $346,856—up 0.9% year-over-year.
Mortgage Credit Availability Declined in May
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in May. The MCAI fell by 3.1% to a reading of 96.5.
Consumer Price Index Increases 0.1% in May; All-Item Index Up 4.0% Year-Over-Year
The Consumer Price Index for All Urban Consumers increased 0.1% in May on a seasonally adjusted basis, after increasing 0.4 in April and 0.1% in March. Over the past 12 months, the all-item index has increased 4.0% before seasonal adjustment.
NFIB’s Small Business Optimism Index Increased 0.4 Points in May—Remains Below 49-Year Average
The National Federation of Independent Business reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for May increased 0.4 points to a reading of 89.4. This marks the seventeenth consecutive month that the SBOI has been below the 49-year average reading of 98.
US Monthly Median Asking Rents Decline Year-Over-Year in May
Redfin reported that US median asking rents fell 0.6% year-over-year to $1,995 in May, the largest annual decline since March 2020. That compares to a near-record increase of 16.5% a year ago.
US Foreclosures Up 7% Month-Over-Month and 14% Year-Over-Year in May
ATTOM released on Thursday its May US Foreclosure Market Report. The report shows 35,196 properties with foreclosure filings—default notices, scheduled auctions, or bank repossessions—in May. That is up 7% month-over-month.
US Consumer Credit Outstanding Grew in April, Latest G.19 Consumer Credit Report Shows
Consumer credit outstanding grew at a seasonally adjusted annual rate of 5.7% in April. Revolving and nonrevolving credit grew at a seasonally adjusted annual rate of 13.1% and 3.2%, respectively.
Citing Threat of Inflation, Bank of Canada Raises Its Benchmark Interest Rate to 4.75%
The Bank of Canada on Wednesday announced it was raising its benchmark interest rate to 4.75%, CBC reported. It is the first time that Canada’s central bank has raised its trend-setting interest rate since January.