U.S. Economic News
July 23, 2019
U.S. Economic Indicators
Existing home sales fell 1.7% to a seasonally adjusted annual rate of 5.27 million in June and are down 2.2% compared to a year ago. NAR notes that there is a persistent shortage for mid-to-lower priced homes, which is pushing up home prices overall. NAR Report
The FHFA House Price Index shows that U.S. house prices rose 0.1% in May and were up 5.0% from year-ago levels. Year-over-year house price changes were positive in all nine census divisions. FHFA Report
U.S. News
The Financial Times reports that the latest IMF Economic Outlook names a no-deal Brexit along with U.S. trade policy top threats to global economic growth in 2019. The latest IMF report forecast global growth will slow to 3.2% in 2019, the weakest rate of expansion in a decade. FT
According to the Wall Street Journal, a new study by Harvard economists Nathanial Hendren and Ben Sprung-Keyser found that government programs for low-income children more than pay for themselves over time, while those for adults generally do not. The most effective programs supported children’s medical care and education, which improved their health and likelihood of attending college, boosting their taxable income and earning power when they entered the workforce. WSJ