Less bad Economic data

A view of Yesterdays and today’s Econ data,( top three points from Pantheon Macro)

• Mortgage Applications (5/22)/7:00 EDT The purchase index rose for a sixth straight week, soaring 8.6% to 281.6, up 8.4% year-over-year.

• Redbook Chain Store Sales (5/23)/9.00 EDT Sales growth jumped to -5.5% year-over-year, up from last week’s cycle low, -9.3%, and the least bad performance in six weeks.

• Richmond Fed Survey (5)/10:00 EDT The index jumped to a still-grim -27, from -53 in April (pantheon macro)

Durable Goods X trans -7.4 vs -15 expected, Proxy for Business Capex, orders and shipments of Non defense cap goods, also less bad then expected

KC Fed Manufacturing Activity -19 vs -21 expected but higher then ;ast months -30.

Pending home sales were ugly as people walked away from contracts thus losing Deposit (BBG) pending home sales month over month change the worst in 10 years. Pending home sales turn into existing home sales once contract signed.

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