New US Home Construction Sinks to Slowest Pace in 4 Years
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
New US Home Construction Sinks to Slowest Pace in 4 Years
New US Home Construction , Sinks to Slowest Pace in 4 Years.
Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports.
.
Housing starts dropped 5.5%,
and building permits dipped 3.8%.
Home completions also fell to the lowest amount since September 2022.
High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.
But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.
The weakest U.S. housing starts
since the pandemic-led shutdowns
are fairly convincing evidence of
restrictive monetary policy.
, Sal Guatieri, senior economist at BMO Capital Markets, via note.
While a growing population and
workforce are providing some support,
US home builders won’t become
busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.
Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.
However, continuing claims rose
for a seventh consecutive week
Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fed Holds Steady , With Interest Rates at , 2-Decade High.
On June 12, the Federal Reserve chose to hold
interest rates at a two-decade high while it
waits to see more signs of inflation going down.
'The Guardian' reports that officials at the United States
central bank expect to make a single rate cut
in 2024, according to the latest projections.
In previous projections,
policymakers expected the Fed
to make three cuts in 2024. .
At the latest meeting, the Fed chose to
keep rates at the same place they've been
for nearly a year, between 5.25% and 5.5%.
Despite recent data suggesting that inflation
may be easing, the Fed clearly doesn't see it moving
at a pace that would lead it to start cutting rates.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
Overall, prices remained unchanged on a month-to-month
basis as the Fed emphasized that it would wait for
inflation to hit its previously-stated target of 2%.
The committee does not expect
it will be appropriate to reduce
the target range until it has
gained greater confidence
that inflation is moving
sustainably toward 2%, Federal Reserve statement, via Fox News
Credit: Wibbitz Top Stories Duration: 01:31Published
European Central Bank , Cuts Interest Rates.
The action was confirmed on June 6 at
the central bank's meeting, CNBC reports. .
The European Central Bank's (ECB) key
rate will go from 4% down to 3.75%.
The ECB Governing Council issued a statement.
Based on an updated assessment of
the inflation outlook, the dynamics of
underlying inflation and the strength
of monetary policy transmission, , ECB Governing Council, via statement.
... it is now appropriate to
moderate the degree of monetary
policy restriction after nine months
of holding rates steady, ECB Governing Council, via statement.
This is the first time that interest rates
have been cut since September 2019. .
Updated macroeconomic projections indicate that 2024's "annual average headline inflation outlook" has been increased from 2.3% to 2.5%, CNBC reports.
For 2025, it was raised from 2% to 2.2%.
The projection for 2026 stayed at 1.9%.
The ECB's next meeting is in July, where another rate cut is unlikely, experts say.
The slight upgrade to the inflation forecast
was to be expected, inflation has been printing
a little bit hotter than markets were expecting,
but in terms of the timing of the next cut
I’d still be looking to September, Dean Turner, chief euro zone economist at
UBS Global Wealth Management, to CNBC.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
The U.S. Federal Reserve continues
to battle America's rate of inflation.
Credit: Wibbitz Top Stories Duration: 01:31Published
How to Reach , Financial Freedom .
How to Reach , Financial Freedom .
It's never a bad time to try to
get your finances in order.
Here are a few ways to ensure that
your efforts aren't going to waste:.
Embrace
the Truth.
Finance experts say a proper understanding of your fiscal situation could help you progress your wealth.
What’s coming in?
What’s going out?
And where
is it going? , Jean Chatzky, personal finance expert, via Yahoo! Money.
Be Yourself.
Saving money is important, and experts say not to allow outside influences to force you to spend money you don't have.
If you can shut the rest of the world out, whether that is shutting out your colleagues and your friends, Jean Chatzky, personal finance expert, via Yahoo! Money.
or whether that is shutting out social media because it’s telling you to buy certain things or to wear certain things, , Jean Chatzky, personal finance expert, via Yahoo! Money.
you’re going to be much
more successful in getting
to what your ultimate
goals actually are. , Jean Chatzky, personal finance expert, via Yahoo! Money.
Find a Better Job.
Experts say if you desire higher compensation for your work,
look for opportunities elsewhere.
Experts say if you desire higher compensation for your work,
look for opportunities elsewhere.
Switching jobs is probably the best way to get a substantial raise in your salary. , Jean Chatzky, personal finance expert, via Yahoo! Money
Credit: Wibbitz Top Stories Duration: 01:18Published
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported. .
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economy’s core — private
domestic sales to domestic
purchasers — showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend. .
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2. .
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%. .
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
Credit: Wibbitz Top Stories Duration: 01:30Published
Nvidia Looks to , Accelerate Production , With New Packaging Technology.
Yahoo Finance reports that Nvidia Corp has announced
plans to use Fan-Out Panel Level Packaging (FOPLP)
technology to package its GB200 AI server chips.
The change was reportedly made to address production constraints
on the currently used Chip on Wafer Substrate (CoWoS) packaging
used at the Taiwan Semiconductor Manufacturing Company.
The change was reportedly made to address production constraints
on the currently used Chip on Wafer Substrate (CoWoS) packaging
used at the Taiwan Semiconductor Manufacturing Company.
According to industry experts, FOPLP
could be a viable alternative to CoWoS
amid the increasing demand for AI chips. .
Analysts consider Nvidia the premier accelerated
compute and generative AI supplier, backed
by production plans with Blackwell Chip. .
Over the past year, stock in
Nvidia has gained over 184%. .
On May 29, shares in Nvidia were up
0.89% at $1,149.10 in premarket trading. .
Yahoo Finance reports that a growing
number of packaging companies are
getting ready to offer FOPLP services. .
Yole Group has predicted that
its market share will increase
from 2% in 2022 to 8% by the year 2028.
The gains are expected to primarily
be driven by higher yields and
increasing cost efficiency.
Experts point out that while FOPLPs could reduce cost
and expand capacity, they have weaker technical
specifications compared to the current CoWoS standard
Credit: Wibbitz Top Stories Duration: 01:31Published
How to Manage , Mounting Nationwide , Credit Card Debt .
According to TransUnion data, the average
credit card debt per borrower in the United States
has increased 8.5% year-over-year, reaching $6,218. .
The added pressure on consumers has made
it even more difficult to pay down their debts. .
Yahoo Finance recently sought expert advice
for insights into how Americans can manage
amid the current levels of credit card debt.
Discover Personal Loans Vice
President Dan Nickele highlights the debt
management benefits of personal loans.
One of the great things
about a personal loan is
that you can check your
rate without impacting your
credit report, so you can
explore your options. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
And I think options are a consumer's
best friend, especially somebody
who's trying to manage their debt. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
So I would encourage somebody
who thinks they might have a savings
opportunity to go out and figure out
what rates they can actually earn,
explore their options for
payments and rates, Dan Nickele, Discover Personal Loans Vice President, via Yahoo Finance.
Yahoo Finance points out that while the pace
of inflation showing signs of moderating, consumers
are still facing increased pressure on their budgets.
At the same time, Bank of America's annual Homebuyer
Insights Report found that 72% of potential homebuyers
are concerned about ongoing rent increases. .
A National Institute on Retirement Security
also found that 79% of Americans expressed
pessimism amid a retirement savings crisis
Credit: Wibbitz Top Stories Duration: 01:31Published
If you are looking for Home renovations in Claudelands, A-Mac Projects Ltd is based in Hamilton East, Hamilton. After more than 25 years in the commercial construction industry, managing high-value..
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