Commentary

The NAHB Home-Builders Index came in at 55 for July, down from 67 in June yet still expansionary. The Index of Leading Economic Indicators was down 0.8% in June after having been down 0.6% in May.

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U.S. Factory Orders were up 1.6% in May, versus +0.7% in April. S&P Global U.S. Services PMI was 52.7 in June versus 51.6 for May, both still mildly expansionary.

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The National Association of Homebuilders Index came in at a strong 83 for January, approximately flat with the level in December. Any level towards and below 50 indicates homebuilders are concerned with the current homebuilding environment.

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