Single-family house sales in August declined from the previous month, driven by the decline in the West, Northeast, and Midwest but an increase in the South.
The Federal Reserve lowered its key lending rates by 50 basis points, larger than the standard 25 basis points, and signaled possible two rate cuts totaling 50 basis points before the year's end.
Housing starts and completions rebounded in August, but building permits lagged from a year ago in August amid growing activities in the Midwest, South, and West.
Annual retail and food service sales in August slowed for the third month in a row. Gasoline stores, electronics and appliances, food and beverage, and apparel fell, but sales at nonstore, personal care, and miscellaneous stores advanced.
Job openings, hire rate, and separation rate in June were nearly unchanged from May, but the hire rate dropped to a low last seen about four years ago.
GDP, the broadest measure of the economy, expanded at a faster pace in the second quarter, driven by an increase in consumer spending and business investment in inventories.
New home sales continue to decline, and available home supply rose to a recent high as buyers struggle with affordability amid elevated prices and high mortgage rates.
Existing home sales volume declined for the fourth month in a row, and the median home sales price increased to a record high in a gradual shift to the buyer's market.
The continued surge in multi-family construction drove the housing data in June, and housing completions surged in double-digits from a year ago in the month.
Retail sales advanced more than 2% at an at an annual pace for the third month in a row in June, but the pace of the increase slowed amid resilient consumer spending.
Nonfarm payroll in June rose at a slower pace, and the increases in April and May were sharply revised down. Labor force participation and employment-to-population ratios held steady for a year.
International goods and trade deficit widened to the highest level since October 2022 on the sustained increase in imports from China, Mexico, and the European Union.
Record home prices and elevated mortgage rates are negatively impacting new home sales and also steadily lengthening the time it takes to sell homes over the last thirteen months.
Housing permits and starts dropped sharply from a year ago in May, as high interest rates weighed on the housing market. However, housing completions slightly edged up.
