Economic Recovery is Weak, According to Factory and US Housing Data

Recent economic reports show that US housing and factory activity is still weak. Due to a continuing backlog of foreclosed homes, sales of previously owned homes fell last month by 0.8 percent to a rate of 5.05 million homes per year. Factory activity has dropped, as shown by a decrease in automobile production and by a decrease in orders and shipments in the mid-Atlantic states. Growth forecasts for the second quarter may be revised downwards in light of the new reports on housing and factory activity.

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Home sales, factory data show recovery weak