Weekly Economic Update: June 17-21, 2013

Jun 24 2013

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The headline consumer price index increased 0.1% in May while the core rose 0.2%. Housing starts rebounded 6.8% in May to a still lower-than-expected annual pace of 914,000 units. Building permits slowed to a 3.1% increase in May to 974,000 units. The FOMC held constant its target for the federal funds rate at 0.0%-0.25%. Existing home sales rose 4.2% to an annual sales rate of 5.18 million units in May. Initial jobless claims rose 18,000 to 354,000 for the week ended 6/15.

• The headline consumer price index increased 0.1% in May while the core rose 0.2%.

• Housing starts rebounded 6.8% in May to a still lower-than-expected annual pace of 914,000 units.

• Building permits slowed to a 3.1% increase in May to 974,000 units.

• The FOMC held constant its target for the federal funds rate at 0.0%-0.25%. QE continues at $85 billion per month.

• Existing home sales rose 4.2% to an annual sales rate of 5.18 million units in May. Sales were up 4.2% over the month and up 12.9% above their May 2012 pace. The median home price was up 8.4% in May alone to a recovery best of $208,000, and up 15.4% over the year.

• Initial jobless claims rose 18,000 to a level of 354,000 for the week ended June 15th.

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