The "flash" reading of the IHS Markit manufacturing purchasing managers index fell to a nine-month low in June, falling to 52.1 from May’s 52.7. Readings over 50 indicate improving conditions. The flash services PMI slowed to a 3-month low of 53 from 53.6 in May.Flash readings are based on 85% to 90% of responses.
The Commerce Department reports sales of new-homes ran at a seasonally adjusted annual rate of 610,000. That was 2.9% higher than in April and 8.9% higher than a year ago. It was the second-highest month in 2017. Economists expected only a 590,000 pace. The median sales price was $345,800, up from $310,200 in April and $296,000 in May 2016. At the current pace, it would take 4.6 months use up the supply, the same as in April.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
