Housing, imports and consumers: 3 fresh reads on the economy
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The latest batch of data offered a fresh look at three corners of the economy: Homebuilding rebounded after a weak spring, import prices continued edging higher, and consumer moods brightened for a second straight month.
🏠 Builders broke ground on homes at a 1.43 million annualized rate in June, up 19% from May, though the rebound largely reflected a recovery in apartment construction after an unusually weak May.
- Permits — a gauge of future construction — fell 3%, suggesting builders remain reluctant to expand the pipeline as elevated mortgage rates and strained affordability weigh on buyer demand.
🚢 Import prices, which don't include tariffs, unexpectedly rose 0.3% in June even as fuel prices fell, with broad-based increases more than offsetting cheaper fuel.
- Prices for Chinese imports jumped nearly a full percentage point — the largest monthly increase in more than 18 years!
🙂 Consumer sentiment climbed nearly 10% for a second consecutive month, to its highest level since February — a jump boosted by lower gasoline prices.
- The rebound was consistent across demographic and political groups. But the upturn may prove difficult to sustain because most interviews were completed before oil prices turned back up, University of Michigan survey director Joanne Hsu said in a statement.
