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The Monday Mix: May 17 – 23, 2021

Headlines discussed at LNWM’s Monday morning briefing:

US existing home sales fell 2.7% in April, 3rd straight monthly decline; since last April, inventory is down 20%, median price is up 19% and 25% of sales are cash vs. 13% 12 months ago.

Weekly jobless claims fell to 444,000, the lowest level since March 2020; nearly 16 million Americans are still collecting some type of unemployment benefits.

A key index of US manufacturing activity rose to 61.7, highest level since Oct. 2009, with order backlogs growing at fastest pace in 14 years.

The Biden admin lowered its infrastructure spending proposal to $1.7 trillion (down from $2.25 trillion) but that is still roughly triple what Congressional Republicans want to spend.

Eurozone manufacturing and services activity expanded at a faster rate in May, hitting a three-year high, as Covid-19 vaccinations ramp up and businesses re-open.

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