US homebuilder sentiment slips in March but overall outlook positive
New York manufacturers grow at a slower pace in April
NEW YORK, April 17, (AP): US homebuilders are feeling slightly less optimistic about their sales prospects, even as their overall outlook remains favorable.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped to 68 this month. That’s down three points from 71 in March, when it jumped to the highest level since June 2005.
Readings above 50 indicate more builders view sales conditions as good rather than poor. The index has been above 60 since September.
The April reading fell short of analyst predictions. They expected the index to dip to 70, according to FactSet.
Readings gauging builders’ view of sales now and over the next six months also edged lower, as did a measure of traffic by prospective buyers.
Despite the decline in the latest builder sentiment survey, sales of new US homes have been robust this year and are expected to continue climbing.
In a separate report, Manufacturing in New York state expanded more slowly this month than it did in March, but factory hiring looked strong.
The Federal Reserve Bank of New York said Monday that its Empire State Manufacturing Survey fell to 5.2 in April from 16.4 in March and a twoyear high 18.7 in February. Still, anything above zero signals growth, and New York factories have been expanding for six straight months.
New orders grew at a slower pace this month. The index that measures hiring climbed to the highest level in more than two years. The Labor Department reported earlier that factories nationwide added 49,000 jobs from January through March; during the first three months of 2016, they had cut 4,000 jobs.
The survey also found that New York manufacturers are optimistic about future conditions.