(ALERT). Proof Of US
Economic Free-Fall, Trade
"Truce," Nuclear Fed.,
MORE.. By Gregory
The Pain Of This New
Economic Downturn Is
Starting To Show Up All Over
by Michael Snyder
Economic Collapse Blog,
25 June, 2019
It is going to take a miracle for the U.S. economy to pull out of this tailspin, because the economic numbers are really starting to deteriorate very rapidly now. On Tuesday we got some more new numbers, and they were just as bad as we thought they might be. But even before today’s numbers all of the data were telling us the exact same thing. The New York Fed’s Empire State manufacturing index just suffered the worst one month decline , Morgan Stanley’s Business Conditions Index just suffered the largest one month decline , global trade numbers are the worst they have been , and just last week I detailed the complete and utter that we are witnessing in the U.S. trucking industry right now. So considering what we already knew, it shouldn’t have been a surprise that new home sales in the U.S. were down during the month of May…
Sales of new U.S. homes slumped 7.8% in May, as sales plunged in the pricier Northeastern and Western markets.
The Commerce Department said Tuesday that new homes sold at a seasonally adjusted annual rate of 626,000 in May, down from 679,000 in April. During the first five months of the year, purchases of new homes have fallen 3.7% compared to the same period in 2018.
Consumer confidence is on the decline.
The Conference Board’s Consumer Confidence Index tumbled to 121.5 in June, dropping from a downwardly revised reading of 131.3 in May and snapping three consecutive months of improvements.
June’s results missed consensus expectations for a reading of 131.0, according to Bloomberg-compiled data, and marked the lowest level in nearly two years.
In the fiscal fourth quarter, which ended May 31, FedEx reported a loss of $1.97 billion, compared with profit of $1.13 billion a year earlier.
Federal Reserve Chairman Jerome Powell said Tuesday the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates.
Speaking to the Council on Foreign Relations in New York, Powell said the Fed is now grappling with the question of whether those uncertainties will continue to weigh on the outlook and require action.
Best Buy, HP and Hallmark Cards are voicing concerns about how the additional tariffs that President Donald Trump threatened to slap on China would impact their businesses and cause them to lose business to foreign competitors.