U.S. Review
No Signs Yet of Spring in the Housing Market
· Data on home sales released this week show that the housing market continues to face a number of challenges. Existinghome sales fell for the third straight month, while new-home sales tumbled 14.5 percent.
· Despite weakness in sales, home prices continue to climb higher as distressed sales decline and builders face rising costs for lots, materials and labor.
· The manufacturing sector has emerged from its brief hibernation this winter. Durable goods orders rose 2.6 percent in March, while April purchasing managers’ indices are back firmly in expansion territory.
Global Review
Brightening Outlook for the Global Economy
· There was no shortage of positive news this week for the global economy. Among the first countries to report first quarter GDP figures, South Korea set an upbeat tone with a slightly better-than-expected growth rate fueled by net exports. The year-over-year GDP growth in Korea rose to a three-year high.
· In this week’s global review on page 4, we look at other betterthan- expected developments in the Eurozone, the United Kingdom and Japan.
Read the full report: Economic Research
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