LAST WEEK

News & Commentary Weekly Highlights:

• Washington Post: Britain’s Exit from E.U. Sends Global Economies into Tailspin (Friday)
• Wall Street Journal: IMF Cuts 2016 U.S. Economic-Growth Forecast to 2.2% (Wednesday)
• Market Watch: Obama Tells A Big Whopper About His Economic Record (Monday)
• Washington Post: Why America’s Men Aren’t Working (Monday)
• Washington Times: Obamanomics: R.I.P. (Monday)

 

Top Economic Indicator Highlights:

Existing Home Sales (May)

• Seasonally adjusted annual pace: 5.53 million units
• Change from previous month: 1.8%
• Change from last year: 4.5%
• Noteworthy: Existing home sales achieved their highest annual pace since February 2007. The median sales price of existing homes sold was up 4.7% from a year ago to $239,700 in May. The share of first-time homebuyers was 30% in May, down from April’s 32% and from a year ago, and matched the average for all of 2015. All-cash sales were 22% of transactions in March, unchanged from February.

 

JEC Releases:

• Coats Statement on Social Security and Medicare Trustees Report (Wednesday)
• Coats Statement on #BetterWay Comprehensive Tax Reform (Friday)

 

THIS WEEK

Upcoming Economic Reports & Releases:

Major Indicators

• International Trade in Goods (8:30am, Monday)
• Gross Domestic Product (8:30am, Tuesday)
• S&P Case-Shiller Home Price Index (9am, Tuesday)
• Personal Income & Outlays (8:30am, Wednesday)
• Pending Home Sales Index (10am, Wednesday)
• Motor Vehicle Sales (Friday)
• Institute for Supply Management’s Manufacturing Index (10am, Friday)
• Construction Spending (10am, Friday)

 

Chart of the Week:

 

 

The chart above shows the decline in the share of persons employed relative to their respective populations, broken down by education. Though across the board, no particular age group has seen a recovery in their employment-to-population ratio, those with less than a high school diploma are starting to see their share of employment rising as their respective population falls.