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Private sector output growth slows in June, but new orders rise at strongest pace for five months

U.S. private sector firms recorded a further solid expansion of business activity in June, but there was a loss of momentum since May. This was highlighted by the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index falling from 53.6 to 53.0 in June. The latest reading signalled the slowest upturn in business activity for three months.READ MORE

May new home sales rebounded strongly to 610,000 units

Sales of new single-family houses in May 2017 were at a seasonally adjusted annual rate of 610,000, for the second-highest rate this year. This level is also 2.9 percent above the revised April rate of 593,000 and is 8.9 percent above the May 2016 estimate of 560,000.READ MORE

Kansas City Fed: Manufacturing activity expands further in June

The Kansas City Fed's Tenth District manufacturing activity expanded further in June, and expectations for future activity remained strong. Price indexes were mixed, with some increases in raw materials prices. Firms reported fasterShow More Summary

Initial unemployment claims rise 3,000 in latest report

In the week ending June 17, initial unemployment claims were 241,000, an increase of 3,000 from the previous week's revised level. The 4-week moving average was 244,750, an increase of 1,500 from the previous week's revised average. READ MORE

Mortgage applications rise 0.6 percent in latest survey

The Market Composite Index increased 0.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2 percent and refinances up 2 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 4.13 percent. READ MORE

FHFA: May home prices up 0.7 percent from April and 6.8 percent year-on-year

U.S. house prices rose in April, up 0.7 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). From April 2016 to April 2017, house prices were up 6.8 percent. READ MORE

Leading Economic Indicators increased 0.3 percent in May

The U.S. LEI continued on its upward trend in May, suggesting the economy is likely to remain on, or perhaps even moderately above, its long-term trend of about 2 percent growth for the remainder of the year. The improvement was widespread among the majority of the leading indicators except for housing permits, which declined again. READ MORE

Existing home sales rebounded 1.1 percent in May while sales prices reached new high

Existing-home sales rebounded in May following a notable decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low. READ MORE

What Did YOU Do on My Summer Break?

This blog is going on a mini summer vacation for a couple weeks, so I'm highlighting a handful of architectural events taking place in New York City in that time – with one a nice scenic drive up north. If you don't see anything of interest,...Show More Summary

Book Review: Allan Wexler: Absurd Thinking

Allan Wexler: Absurd Thinking-Between Art and Design edited by Ashley Simone "with the close collaboration of Ellen Wexler"Lars Miller Publishers, 2017Hardcover, 296 pagesI first became acquainted with the architectural art of Allan Wexler in 2009 – well, maybe it was earlier, but that was the first time I wrote about it on this blog. Show More Summary

Listening to Wright

With all of the Frank Lloyd Wright 150th anniversary brouhaha, there's plenty of Wright to read and to look at. But what about listening? To fill that apparent void, head over to 99% Invisible and check out a couple episodes from February...Show More Summary

Diane Lewis Memorial

A memorial for architect and educator Diane Lewis, who died on May 2 at the age of 65, will be held on Monday, June 26, in the Guggenheim Museum's Lewis Theater. A reception will follow at the Burden Mansion.An RSVP is necessary, so email to confirm attendance and receive further details.

State of the Rental Market: Growth is Moderating but Long-Term Prospects Very Favorable

While it’s certainly no secret that the multi-family sector has been on a roll over the past few years, there have been some recent signs that its growth trajectory will continue to moderate this year. Nonetheless, with an economic expansion...Show More Summary

Review: Frank Lloyd Wright at 150

Head on over to World-Architects to read my review of MoMA's Frank Lloyd Wright at 150: Unpacking the Archive.

Industrial production unchanged in May following April boost

Industrial production was unchanged in May following a large increase in April and smaller increases in February and March. At 105.0 percent of its 2012 average, total industrial production in May was 2.2 percent above its year-earlier level. Show More Summary

New York Fed: Manufacturing activity rebounds strongly in June

Business activity rebounded strongly in New York State, according to firms responding to the June 2017 Empire State Manufacturing Survey. The headline general business conditions index shot up twenty-one points to 19.8, its highest level in more than two years.READ MORE

Philadelphia Fed: Manufacturing activity growth dips in June

Regional manufacturing continues to expand, according to results from the June Manufacturing Business Outlook Survey. The diffusion index for general activity fell from its reading in May but remained positive and continued to reflect growth. Show More Summary

Consumer sentiment dips sharply in preliminary June survey

The modest early June drop of 2.6 points in the Sentiment Index masks a much larger decline since June 8th. Prior to that date the Sentiment Index had averaged 97.7, but since June 8th, the Index fell to 86.7, a decline of 11.0 points. Show More Summary

May building permits dipped 4.9 percent from April and 0.8 percent year-on-year

Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,168,000. This is 4.9 percent below the revised April rate of 1,228,000 and is 0.8 percent below the May 2016 rate of 1,178,000.READ MORE

May housing starts fell for third straight month to eight-month low

U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly. Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,092,000. This is 5.5 percent below the revised April estimate of 1,156,000 and is 2.4 percent below the May 2016 rate of 1,119,000. READ MORE

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