By Matthew Kerkhoff
Last week was relatively light in terms of economic data. We learned that home prices are still rising at a modest pace of 5.4%, according to the Federal Housing Finance Agency, and we saw a minor tick upward in the pace of existing home sales. Used homes are selling at the fastest pace in 18 months, thanks in part to interest rates that are continuing to march lower.
We also heard that jobless claims remain subdued, readings on the manufacturing sector signaled modest expansion, but that core durable goods orders (excluding volatile components such as autos and airliners) continued their mild decline, even though the headline figure showed improvement.
Business investment has been declining for the last seven months in response to uncertain economic conditions, and this, along with other data, points to an underwhelming first quarter GDP reading, which will be out on Wednesday.
This week we will also see more ... Log in or subscribe to continue reading.