Economy
May 31, 2014
Economic Data Released in May
Written by Sandy Williams
Economic indicators were mostly positive in May. Housing starts and sales improved while the ABI dropped. Respondents to the various economic surveys were generally upbeat about future economic and business conditions. Steel buyers looked for more of the same activity for the next six months. The abbreviated breakdown follows.
New home sales bounced back in April after declining for two straight months but are still described as mediocre by IHS analysts. Sales reached a SAAR of 433,000 in April, up 6.4 percent after plummeting 10 percent in March. Sales still are 4.2 percent below April 2013 estimates. Prices have been trending upwards but declined in April. Inventory was 192,000 units representing a supply of 5.3 months.
