After sliding the previous two months and in three of the past four months, sales of existing homes increased slightly in May. May existing home sales came in at 4.030 million unit rate, up 0.8% from April but down 0.7% from the 4.060 million unit rate in May 2024.
May light vehicle assemblies came in at a 10.92 million unit rate, up 7.5% from April. This marks the highest monthly rate since March 2024. The recent easing of auto tariffs between the U.S. and Canada, combined with the continued 25% tariff on other foreign auto imports, helped push domestic auto assemblies higher. Additionally, the recent drawdown in dealer inventories continues to help spur assemblies domestically.
Freight rates for the trucking transportation industry continued to climb in May, now up for the fourth straight month. The May inferred freight rates (a simple equation of cost of shipments divided by total shipments) increased to 3.143.
Domestic raw steel production increased sharply again last week, now up seven out of the last eight weeks. U.S. mills produced an estimated 1,785k tons at a 79.5% utilization rate; this is up from 1,757k tons and a 78.2% rate previously.
Domestic raw steel production increased sharply again last week, now up six out of the last seven weeks. U.S. mills produced an estimated 1,757k tons at a 78.2% utilization rate; this is up from 1,744k tons and a 77.6% rate previously.
After sliding for five consecutive months, confidence of U.S. consumers rebounded in May. The May Consumer Confidence Index came in 98.0, up 12.3 points from April.
After sliding for five consecutive months, the confidence of U.S. consumers rebounded in May. The May Consumer Confidence Index came in 98.0, up 12.3 points from April. The Present Situation Index increased nearly 5.0 points to 135.9. The Expectations Index, based on a short-term outlook, increased a sharp 17.4 points to 72.8. Despite the jump, the current level remains below the key threshold of 80, which typically signals a recession ahead. The boost in May came as the framework for potential widespread trade deals became clearer.
After sliding the first two months of the year, new home sales have now increased in back-to-back months. New home sales came in at a 743,000 unit rate in April, up 10.9% from March and up 3.3% from the 719,000 unit rate in April 2024.
New home sales increased for the second consecutive month in March and was at its highest monthly rate since September. March new home sales came in at a 724,000 unit rate, up 7.4% from February and up 6.0% from the 683,000 unit rate in March 2024. Sales have now increased, on a year-over-year basis, in back-to-back months, and in four of the last five months. The inventory of unsold new homes held steady, ending the month flat from the end of February at 493,000 units. The month-end inventory, when combined with March's sales rate, equates to 7.1 months of supply.
Domestic raw steel production increased sharply again last week as the mills ramp up to offset the loss of imports. U.S. mills produced an estimated 1,740k tons at a 77.5% utilization rate; this is up from 1,725k tons and a 76.8% rate previously.
