The Commerce Department reported advance U.S. retail and food services sales edged up (+0.1%) to $703.1 billion in May, this follows a revised drop of (-0.2%) instead of a flat reading for April. Retail sales were up (+2.3%) year over year. Total sales for March 2024 through May 2024 were up (+2.9%) year over year. Retail sales are mostly goods and are not adjusted for inflation. Excluding sales at auto dealerships and gas stations, sales were up (+0.1%). Gasoline sales dropped (-2.2%), while internet retail (+0.8%) saw an increase. Restaurants, the only services category decreased (-0.4%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services rose (+0.4%) in May and follows a downwardly revised (-0.5%) reading the previous month.

The Labor Department reported initial jobless claims decreased 5,000 to 238,000 for the week ending June 15th. The four-week moving average was 232,750, an increase of 5,500 from the previous week’s upwardly revised average. Of the 53 states and U.S. territories that report jobless claims, 38 reported declines and 15 reported increases. For the week ending June 8th, the insured unemployment rate was unchanged at 1.2%. The total number of unemployment claims reported in at 1.828M up 15,000 from the previous week. For the week ending June 1st, 1.731M people were receiving jobless benefits through state or federal programs, an increase of 37,292 from the previous week. There were some 1.674M weekly claims filed for the comparable week in 2023.

The National Association of Realtors reported that sales of existing homes decreased (-0.7%) in May to a seasonally-adjusted annual rate of 4.11M, and down (-2.8%) as compared to May 2023. Regionally, sales declined (-1.6%) in the South while the Northeast, Midwest, and West reported unchanged. Sales of single-family homes declined (-0.8%) to a 3.71M annual rate (-2.1% Y/Y) and existing condo sales were unchanged at a 400K annual rate (-9.1% Y/Y). Total housing inventory reported up (+6.7%) to 1.28M (+18.5% Y/Y). Properties typically remained on the market for 24 days, down from 26 days in April. Unsold inventory climbed (+6.7%) to a 3.7 month run rate, up from 3.5 months in April. The median existing-home price for all housing was a record high $419,300 (+5.8% Y/Y). All four U.S. regions registered price gains. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from 6.95% a week earlier, but up from 6.67% a year ago.