Economic Data and Growth
Permits Rebound as Multifamily Construction Strengthens
Building permits increased 5.8% in April but ticked down 0.2% over the year. Permits for single-family homes in April declined 2.6% and 5.5% over the year. On the other hand, permits for buildings with five or more units surged 22.7% from March and 11.5% over the year. In April, housing starts decreased 2.8% from March …
Flash PMI Sets a New Cycle High as Supply Disruptions Drive Costs Higher
The S&P Global Flash U.S. Manufacturing PMI rose for the 10th consecutive month from 54.5 to 55.3 in May, a 48-month high. Factory production improved at its fastest rate since April 2022, while new orders growth slowed but marked its second-fastest pace of growth over the past four years. Meanwhile, export orders continue to decline …
