Market Commentary – Tue, Jun 19 – 10:49 AM ET
The Commerce Department reported today that Housing Starts in May fell by 4.8% to 708,000 units on an annualized basis, below the 720,000 expected. However, April’s figure of 717,000 was revised up to 744,000. Building Permits, a sign of future construction, surged to an annual rate of 780,000, the highest since September of 2008.
Fannie Mae says the risks to the economic outlook have tilted to the downside but the GSE does see moderate growth for the remainder of 2012. A GSE is a privately held or publicly traded company created by the U.S. Government for some purpose thought to benefit the American economy.
Stock markets are surging today on the notion that global central banks will offer additional stimulus to combat Europe’s financial crisis and a slowdown in economic growth here in the States. The closely watched S&P 500 Stock Index is up nearly 1% today at 1,356, after a recent low of 1,266 hit back on June 4, a 7% gain.
Teen job hunters are finding it evermore difficult to find work this summer for the third year in a row. The recent recession coupled with a weak labor market has forced adults to seek out lower paying jobs that otherwise used to be filled by teenagers. Teenagers are usually the last hired and the first fired and are looking at its toughest job market since WWII. The unemployment rate for 16 – 19 year old group hit 24.9% in April.