Looking At Housing And Building Trends
“Well, we’ve got a fair amount of economic data coming out this week that is important to note,” said Celia. “We have the NAHB (National Association of Home Builders) Housing Market Index coming out. It’s sitting at 81, which is very low for this time of year. So with the July number coming out, hopefully we will see some pickup there.
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“Looking into housing and earnings, we’ve got building permits and housing stats coming out, and we have existing home sales as well,” Celia continued. “So all of those things are going to give us a pretty good indication of where we could be headed in the upcoming month. By the way, these are all June numbers, unfortunately. We would have to think it would pick up a little bit in July and August, but it is a June number. And traditionally, April begins as a very good season for building, and we haven’t seen that this year. It has a lot to do with low supply with high demand and the inability to keep up the supply with demand, or desire to keep the supply up due to the high cost of goods. So that certainly has something to do with all of this.
“We do get some PMI manufacturing numbers coming out on Friday that are expected to go down. We had a good productivity number coming out last week and we had extremely good manufacturing numbers coming out of New York fed and Philadelphia fed. So one would have to believe that just to keep things correlating, we would end up with a very good manufacturing number.”