Economic Release Snapshot: Housing Sector Cools in May

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of June 17

Retail sales, May (Tuesday)

• Expected/prior month retail sales monthly change: +0.3%/–0.2%
• Actual retail sales monthly change: +0.1%

Retail sales came in below economist estimates in May after falling modestly in April. The slowdown in sales during the month may signal slowing consumer spending ahead.

Industrial production, May (Tuesday)

• Expected/prior month production change: +0.3%/+0.0%
• Actual production change: +0.9%

Industrial production surged in May, driven by rising manufacturing production and capacity utilization during the month.

National Association of Home Builders Housing Market Index, June (Wednesday)

• Expected/prior month sentiment: 46/45
• Actual sentiment: 43

Home builder sentiment fell to its lowest point this year in June as high mortgage rates and home prices weighed on prospective home buyers.

Housing starts and building permits, May (Thursday)

• Expected/prior month housing starts monthly change: +0.7%/+4.1%
• Actual housing starts monthly change: –5.5%
• Expected/prior month building permits monthly change: +0.7%/+4.5%
• Actual building permits monthly change: –3.8%

Housing starts and building permits surprisingly fell in May. This decline brought the pace of housing starts to its lowest level since June 2020.

Existing home sales, May (Friday)

• Expected/prior month existing home sales change: –1.0%/–1.9%
• Actual existing home sales change: –0.7%

The pace of existing home sales slowed in May, marking three consecutive months of slower sales.

Upcoming Reports for the Week of June 24

Conference Board Consumer Confidence, June (Tuesday)
Consumer confidence is expected to fall modestly in June after improving more than expected in May.

Durable goods orders, May, preliminary (Thursday)
Headline durable goods orders are set to remain unchanged in May, while core goods orders are expected to rise.

Personal income and spending, May (Friday)
Personal income and spending are set to rise in May following smaller-than-expected increases in April.