| The KUIK Market Update for Friday, May 16: | |||||||
| Markets are down slightly. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (1) | points | 16,446 | 7:50 AM | ||
| S&P500 | Down | -0.1% | percent | 1,869 | (1.42) | ||
| Nasdaq Composite | Down | -0.4% | percent | 4,054 | (15.53) | ||
| 30 Year Treasury | Down | (0) | Basis Points | 3.34 | Annual Yield | ||
| The Commerce Department reports that Housing starts in April rose 13.2% to a seasonally adjusted annual rate of almost 1.1 million, the fastest pace since November. April’s result beat expectations. Economists were looking for a construction-start rate of 980,000. Apartment starts rose 43% in to an annual pace of 413,000. Single-family homes rose 1% to an annual rate of 649,000. | |||||||
| The preliminary May reading of the University of Michigan Thomson Reuters consumer sentiment index fell to a reading of 81.8, down from April’s 84.1. Economists expected 85. Driving the slump is a weak trend in wages. According to the Labor Department, average hourly wages were up only 1.9% year-on-year in April. That’s a lot slower compared to wage gains before the Great Recession and a potential restraint on future U.S. growth. | |||||||
| Student-loan debt could indeed be keeping more young adults from buying a home of their own, according to an analysis from the Federal Reserve Bank of New York. While both 30-year-olds with and without student loans have retreated from the housing market, homeownership rates have declined more for those with student debt . That’s a reversal from the norm, according to an analysis posted on the bank’s Liberty Street Economics blog, using data from the FRBNY Consumer Credit Panel. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/apartments-lead-home-construction-surge-in-april-2014-05-16 | |||||||
| http://www.marketwatch.com/story/consumer-sentiment-dips-in-may-2014-05-16?link=MW_Nav_EP | |||||||
| http://www.marketwatch.com/story/student-loans-preventing-millennials-from-buying-homes-2014-05-15?link=kiosk | |||||||
| For today’s Market Update Report click to listen-> | |||||||