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In UP2DATE News you will find the main news for the week to May 18, 2023, along with our analysis of each one:
Wholesale sales grow less than estimated
Wholesale sales grew almost 0.4% in April, however estimates were at 0.8% after March's 0.7% drop. The positive sign is that consumers continue to buy and there is no significant decrease in consumption.
Source: Yahoo Finance
Jobless claims fall at pace not seen since 2021
Unemployment applications fell 22,000 to 242,000 applications last week, this drop is mainly due to the fact that in previous weeks there was a problem of identity theft that fraudulently inflated the figures.
Existing home sales fall to 3-month low
According to the National Association of Realtors, existing homes have slowed down their sales rate, according to which contract closings fell 3.4% last month, representing a rate of 4.28 million existing homes sold per year.
Households close to reaching their debt ceiling
Household debt is also close to reaching its limit, in the first quarter total consumer debt stood at $17 trillion, while credit card debt reached $986 billions.
Generation X, concerned about Social Security
Of Generation X, only 45% of those surveyed by the Northwestern Fund are "Somewhat or Very Confident" that Social Security will be there to help them when they need it, more than half say they are not prepared for retirement.
Young investors exit their stocks
According to BankRate, 53% of Gen Z investors indicated they would buy more shares this year, yet they are doing the opposite, with almost half either selling or not buying more shares.
Note: does not represent advice or offer of services, only for educational purposes.