Wednesday, June 18, 2014 – 10:30 a.m.
Here’s some news flowing across the transom Wednesday morning, in case you missed it!
U.S. revenues hit all-time record, still running deficit
The amount of money the U.S. Government took in, through the month of May, has hit a new record of $1.93 trillion.
However, even with all the new tax revenue, the country still runs a deficit of $436 billion.
Here’s the Monthly Treasury Statement.
New housing starts drop
Homebuilders started construction on 1.01 million units in May. The number is down 6.5% from April.
The developemnt is a sign that prosepctive buyers are having a hard time re-qualifying for financing. It looks like the housing market will not be as robust as first believed.
U.S. inflation spikes in May
May was not a good month for government-published inflation numbers.
Remember this is the government reporting this. Real inflation, especially commodity prices, is obviously much higher. It’s the biggest jump in 15-months. It’s also above the Federal Reserve target.
The economy contracted by 1.0% in the 1st Quarter, and inflation is climbing.