According to Fannie Mae’s Home Purchase Sentiment Index for May, the rapid rise in home prices is resulting in a divergence in consumer attitudes toward buying and selling a home. Those who said that “now is a good time to sell a home” rose to 46% up 14 points over the year before, while those “who said now is a good time to buy a home decreased to 28%. (Mortgage Orb)
Strong retail sales for May point to accelerating second quarter growth. Consumer demand picked up steam in May as retail sales rose 0.8% versus April and up 6.4% year over year. The increase was broad based with 10 of 13 categories showing growth, including building materials with a 2.4% increase. The data are a clear sign that consumer spending has picked up nicely after a soft first quarter. (LPL)
New applications for unemployment benefits fell unexpectedly last week, coming in at 218,000. The labor market is considered to be close to full employment and the data further affirms our view of a strong and gradually tightening labor market. (LPL)
Microsoft is developing technology to eliminate cashiers and checkout lines from stores. Challenging Amazon's automated grocery stores. (Reuters)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.