Homebuilding fell in March
Homebuilding fell in March by 6.8% to an annual rate of 1.22 million units. Single-family homebuilding fell 6.2%. Multi-family housing starts dropped 7.9%. On a positive note building permits increased 3.6% with a 13.8% surge in multi-family units. (Commerce Department)
Confidence among homebuilders remains high, according to the National Association of Homebuilder’s Housing Market Index for April. While homebuilding is only a small part of the economy, it can provide important feedback on consumer strength. The overall housing picture continues to remain positive, supported by a strong labor market and tight inventory, although higher interest rates may be creating a bit of a headwind. (LPL Research)
Inflation expectations are at year-to-date lows. The 10-year breakeven inflation rate finished the week lower from 1.94% to 1.92% according to Federal Reserve Economic Data.
Big Blue, IBM, reported quarterly earnings that showed a growing cloud business. But the company has now posted five straight years of declining year-over-year quarterly revenues. The company had EPS of $2.38, that’s a 1% gain. IBM had sales of $18.2 billion, a 3% decline. IBM said it returned $2.6 billion to shareholders through dividends and share repurchases in the first quarter. (Reuters)
The S&P 500 is up 8 and the NASDAQ is up 23. The MSCI international index is up.
Oil is down 2 cents at $52.43 a barrel.
Gold is down $10 at $1284 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.