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14 Things You Need to Know This Morning

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14 Things You Need to Know This Morning
Industry Shines a Light on Growth
Despite the Commerce Dept's downward revision on Wednesday of Q1 GDP to a negative 2.9% annual rate, industry sources this week seemed encouraged by several positive indicators:
  • The ICSC/Goldman Sachs Chain Store Sales report showed the strongest year-over-year growth in more than 12 months;
  • JLL reported that the U.S. now has the lowest cumulative fiscal year budget deficit since 2008;
  • The NAHB reported that sales of new U.S. homes increased 18.6 percent in May, the biggest one-month gain since January 1992;
  • Washington, D.C. saw its priciest residential sale of the year when the Patterson Mansion sold for $20 million (thanks to a $14.95M acquisition loan from Morning Brief partner Eagle Bank).
Perhaps balancing all the above, Mohamed El-Erian, chief economic adviser at Allianz SE, wrote this week that "the economy has resumed many of its normal functions," but "its recovery is only tentative. It is, in fact, still healing." 

The June jobs report next Thursday, July 3, may shed more light.


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