The pending home sales index for June from the National Association of Realtors rose 1.5% to 110.2. Economists expected only a 0.9% increase. For the month, only the Midwest saw a drop, with pending sales down 0.5% for the month and 3.4% for the year. Here in the West, sales rose 2.9% in June, but are 1.1% lower than a year ago.
The Chicago business barometer fell to 58.9 in July from a three-year high of 65.7 in June, according to MNI Indicators. The drop broke a string of five straight increases. But readings over 50 indicate improving conditions. Jamie Satchi, an economist at MNI Indicators said the latest reading points “toward robust confidence among U.S. firms.”
Federal Reserve Vice Chairman Stanley Fischer said fiscal and regulatory policies are the best cure for the global low-interest-rate environment. Interest rates are not only near historic lows in the U.S., but also in Europe, the U.K.m and Japan, Fischer noted in a speech at a conference in Brazil. He said the low rates are fostered by slower trend growth, aging populations, and weak investment.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
