Robert Hughes

New-home sales fell in April, and home construction is unlikely to contribute significantly to economic growth, but the strong labor market continues to provide a solid foundation for continued expansion.

Sales of existing homes fell in April and are trending flat or down in all four regions of the country.

Housing starts and permits improved in April, but the outlooks for the major segments vary widely.

Retail sales and industrial production fell in April, continuing the multi-month run of mixed results for the economy. However, continued economic expansion remains the most likely path.

Small-business confidence rose in April, and expectations are generally upbeat, but labor shortages are a major concern.

Retail vehicle sales slowed in April but remain in the recent range of 16 to 18 million annually. Consumer credit rose despite a drop in credit card debt.

Private job openings in the United States totaled 6.800 million in March. The labor market is showing renewed strength, supporting personal incomes, consumer confidence, and future consumer spending.

Nonfarm payrolls rose by 263,000 in April. Two strong monthly gains following a disappointing increase in February shows the labor market remains healthy and will likely ease fears of recession.

The Manufacturing Purchasing Managers Index posted its lowest reading since November 2016 and extends an eight-month trend of decelerating growth. Mixed economic data continue to support a high degree of caution amid slow economic expansion.

A strong headline gain in first-quarter growth in real gross domestic product masked the poor performance of domestic demand.