Overview:  Personal income rose 0.3% in May while personal spending was unchanged.  The ISM index increased 1.8 points to 55.3 in June.  The Case-Shiller home price index declined 3.9% in April.  Pending home sales were up 8.2% in May while construction spending fell 0.6%.  The stock market posted its biggest weekly gain of the year, with both the Dow and Nasdaq rising more than 5%. Initial jobless claims edged down 1,000 to a level of 428,000 for the week ended 6/25.

• Personal income rose 0.3% in May as personal spending was unchanged.
• The ISM index unexpectedly rose 1.8 points to 55.3 in June.   
• The Case-Shiller home price index for April fell 3.9% on a year-over-year basis and by less than 0.1% on a monthly basis.  The DC region was the only of the 20 cities in the index to report a positive year-over-year gain (+4.1%); Minneapolis reported the largest year-over-year decline (-11.0%).
• Pending home sales rose by a greater-than-expected 8.2% in May.
• Construction spending fell 0.6% in May.
• The stock market posted its largest gains of the year; the Dow rose 5.4% while the Nasdaq gained 6.2%.  The rate on 10-year Treasury notes jumped up 33 basis points to 3.2%.
• Initial jobless claims edged down 1,000 to 428,000 for the week ended June 25^th.