May retail sales saw moderate increases, and Food and Dining
sales increased at the lowest rate since December 2023. Consumer
sentiment dropped slightly in June compared to previous month;
sentiment regarding personal finances declined, due to slightly
elevated inflation concerns as well as weakening incomes –
overall, consumers perceive few changes in the economy from
April.
CPI rose 3.3 percent over the last 12 months; Core CPI increased
3.4 percent over the year. The all-items index rose 3.3 percent for
the 12 months ending May, a smaller increase than the 3.4-percent
increase for the 12 months ending April.
Mortgage rates dipped below 7% but housing costs remain an issue as
the housing affordability index declined nationally for the 3rd
consecutive month falling below April 2023 index. New home sales
through April fell 7.7% over 2023, and 4.7% over previous month May
2024 housing starts were down over 19% YOY.
Supply chain concerns elevate as global deep sea freight rates have
surged to record highs in May, with congestion building earlier
than normal at key ports. The general freight trucking index was
down 11.2% YOY and while not in a tight market yet, forecasts point
to potential increases throughout the year.
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