U.S. Economic News
April 30, 2019
U.S. Economic Indicators
The Conference Board’s Consumer Confidence Index rose from 124.2 (revised) in March to 129.2 in April. Consumer Confidence partially rebounded following a decline in March, driven by positive consumer assessments of current and short-term economic conditions. Conference Board Report
The National Association of Realtors pending home sales index rose 3.8% in March (down 1.2% Y/Y). NAR reports that consumer sentiment about home buying is positive due to extremely favorable mortgage rates. NAR Report
U.S. News
The Wall Street Journal reports that the eurozone’s GDP rose at a 1.5% annualized pace in the first quarter of 2019, an acceleration from 0.9% growth in the fourth quarter of last year. Although the eurozone’s expansion trailed that of the U.S., unexpectedly strong consumer spending in France and business investment in Spain have allayed the need for additional stimulus from the European Central Bank in the near term. WSJ
According to the Wall Street Journal, muted inflation estimates for March reflected the largest monthly drop in apparel prices on record after the Bureau of Labor Statistics gathered price data directly from department stores as part of a broader shift in data collection methods. Researchers have found that official numbers tend to overstate inflation and understate productivity growth, suggesting that the Fed has kept interest rates higher than necessary in recent years. WSJ