Darn that Fox Business, sending me upbeat economic news alerts like these! Don’t they know they’re supposed to rip reports like these to shreds and go negative at every turn? Someone over there didn’t read the memo:
The NAHB/Wells Fargo Housing Market index surged to 52 in June from 44 in May, easily topping forecasts for 45. This is the first time the index has been above 50 since April 2006, suggesting more homebuilders view conditions as favorable than those who see them as poor.
The New York Federal Reserve’s regional manufacturing gauge jumped to 7.8 in June from -1.4 in May, easily beating expectations of zero. Readings above zero point to expansion, while those below indicate contraction.