US new home sales, business activity at 13-month highs
Synopsis
New home sales rose 4.1% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022. The report added to labour market resilience, strong retail sales and a rebound in factory production in suggesting that the economy regained momentum early in the Q2
Sales of new US single-family homes jumped to a 13-month high in April, boosted by a persistent shortage of previously owned houses and a sharp decline in prices from last year’s levels. New home sales rose 4.1% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022.
The report added to labour market resilience, strong retail sales and a rebound in factory production in suggesting that the economy regained momentum early in the Q2. That view was underscored by a survey from S&P Global on Tuesday showing its US Composite PMI Output Index climbed to a reading of 54.5 this month, the highest level since April 2022.
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