According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, economic momentum continues to slow.  Housing starts declined 5.5% and building permits dropped 3.8% in May. Builder sentiment remains low as mortgage rates hover around 7% and construction financing costs stay elevated. Existing home sales declined 0.7% during the month, the third consecutive month of decline. 

There are mixed results in manufacturing.  According to the Federal Reserve, industrial production increased 0.9%, a 0.1% increase for May, after declining in the previous two months. Durable manufacturing saw a 0.6% rise, while nondurable manufacturing rose 1.1%. The S&P Global Flash US Manufacturing PMI rose from 51.3 in May to 51.7 in June, showing improved business conditions for the second consecutive month and the fifth time in six months.