US new home sales rebound to sixmonth high; rising mortgage rates a concern
Sales of new U.S. single-family homes rebounded in March from February's downwardly revised level, drawing support from a persistent shortage of previously owned houses on the market, but momentum could be curbed by a resurgence in mortgage rates.
The report from the Commerce Department on Tuesday also showed the median house price jumped to a seven month-high from February, likely as fewer builders offered price cuts and sales shifted to higher priced homes. Rising prices and mortgage rates could make housing even more unaffordable, especially for first-time buyers.
"New home sales have remained remarkably strong recently," said Oliver Allen, senior U.S. economist at Pantheon Macroeconomics. "That said, the renewed rise in mortgage rates and dip in mortgage applications over the past couple of months means that new home sales will probably tread water at best in the near-term, while existing home sales will fall."
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https://www.reuters.com/markets/us/us-new-home-sales-rebound-march-2024-04-
US FDA says commercial milk safe despite bird flu virus presence
The U.S. Food and Drug Administration said on Tuesday that it had found bird flu virus particles in some samples of pasteurized milk, but said commercial milk supply remains safe.
The FDA said that because the milk is pasteurized, it remains safe for human consumption as the process kills harmful bacteria and viruses by heating milk to a specific temperature.
"Based on available information, pasteurization is likely to inactivate the virus, however the process is not expected to remove the presence of viral particles," the FDA said.
The agency said it has been evaluating milk from affected animals, in the processing system and on the shelves. It said it is completing a large, representative national sample to understand the extent of the findings.
The FDA said it is further assessing any positive findings through egg inoculation tests, which it described as a gold standard for determining viable virus.
US births retreat after pandemicera growth
The number of births in the United States fell by 2% in 2023 from the previous year, driven in part by a marked birth rate decline among older teenagers and women aged 20-24, according to a report from the CDC released on Thursday.
The number of births in the U.S. fell to 3,591,328 in 2023 from 3,667,758 the year prior, according to provisional National Centers for Health Statistics (NCHS) data from the U.S. Centers for Disease Control and Prevention.
The decline puts the U.S. back on trend with the 2% decline seen in 2015-2020. In 2021, births rose 1%. The birth rate in 2022 was flat with the prior year.
Among women aged 25-34 years, who accounted for more than 2 million births in 2023, the birth rate fell about 2.5%, while births among women aged 2024 years fell by 4% to a record low rate.
US inflation rises in line with expectations; consumer spending strong
U.S. monthly inflation rose moderately in March, but stubbornly higher housing and transportation costs suggested the Federal Reserve could keep interest rates elevated for a while.
The report from the Commerce Department on Friday, which also showed strong consumer spending last month, offered some relief to financial markets spooked by worries of stagflation after data on Thursday showed inflation surging and economic growth slowing in the first quarter.
"Markets should breathe a sigh of relief this morning," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. "Given the elevated levels of inflation, and this is the new normal for 2024, the market is going to need to get over hopes for Fed rate cuts."
"Markets should breathe a sigh of relief this morning," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
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https://www.reuters.com/world/us/us-births-retreat-after-pandemic-eragrowth-2024-0425/#:~:text=NEW%20YORK%2C%20April%2025%20(Reuters,the%20CDC%20rele ased%20on%20Thursday.
https://www.reuters.com/markets/us/us-inflation-rises-line-with-expectationsmarch-2024-04-26/
US probes Tesla recall of 2 million vehicles over Autopilot
U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla's recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate.
The National Highway Traffic Safety Administration (NHTSA) said it was opening an investigation after the agency identified concerns due to crash events after vehicles had the recall software update installed "and results from preliminary NHTSA tests of remedied vehicles."
The agency's new probe comes after it closed its nearly three-year investigation into Autopilot, saying it found evidence that "Tesla’s weak driver engagement system was not appropriate for Autopilot’s permissive operating capabilities" that result in a "critical safety gap."
NHTSA also cited Tesla's statement "that a portion of the remedy both requires the owner to opt in and allows a driver to readily reverse it."
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https://www.reuters.com/business/autos-transportation/us-probes-tesla-recall-2million-vehicles-over-autopilot-citing-concerns-2024-04-26/