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NWQWM Morning Financial Report

A widely followed consumer sentiment survey released showed inflation expectations have eased slightly.  The University of Michigan’s Surveys of Consumers said consumers expect inflation to rise at a 5.3% annualized rate as of the end of June. That’s down from a preliminary reading released earlier this month. Meanwhile, overall consumer sentiment fell to a record low, hitting 50. That’s 14.4% below a May reading of 58.4 and 41.5% from a year-earlier period.  Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines.  About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009. Inflation continued to be of paramount concern to consumers; 47% of consumers blamed inflation for eroding their living standards, just one point shy of the all-time high last reached during the Great Recession.

 

U.S. new home sales rose 10.7% to a seasonally-adjusted rate of 696,000 in May, from a sharply revised 629,000 in the prior month.  Year-over-year, new home sales are down 5.9%.  The median sales price of new homes sold in May fell to $449,000 from a record high $454,700. The supply of new homes for sale fell 7.2% between April and May, equating to a 7.7-month supply.   Regionally, sales fell drastically in the Northeast by 51.1%, followed by the Midwest, which saw an 18.3% drop in new home sales. The South and the West on the other hand saw increases in sales, at 12.8% and 39.3% respectively.  Despite the higher sales numbers, the housing sector is in the midst of a slowdown, with mortgage rates soaring past 5.8% for a 30-year fixed-rate mortgage.

 

Los Angeles’ first crypto themed restaurant that only accepted crypto not longer accepts crypto currency as a form of payment stating that the volatility of the currency made it too hard to do business with.

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