The economy is now going backwards. But you won’t hear that from the sycophantic press. They don’t want to hurt Obama’s chances of getting re-elected. Stories about Romney’s tax/Bain problems will drown out everything else:
Americans bought fewer homes in June than May, indicating the weak economy could make a modest housing recovery choppy.
The National Association of Realtors said Thursday that sales of previously occupied homes fell 5.4 percent in June to a seasonally adjusted annual rate of 4.37 million homes. That’s the fewest since October.
Sales are up 4.5 percent from a year ago, evidence that the market is still recovering. But the annual sales pace is below the 6 million that economists consider healthy.
Then there is this regional report:
Factory activity in the U.S. mid-Atlantic region contracted for a third month in July while a separate gauge of future U.S. economic activity declined in June.
The Philadelphia Federal Reserve Bank said its business activity index rose to minus 12.9 from minus 16.6 in June, though it missed economists’ expectations for minus 8.0.
The forward-looking new orders index gained to minus 6.9 from minus 18.8.
Any reading below zero indicates contraction in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management.
A separate economic index showed that future U.S. economic activity declined in June, the latest signal that the economic recovery is sputtering.
The Conference Board says that its index of leading economic indicators declined 0.3 percent in June after rising 0.4 percent in May. The index fell 0.1 percent in April, its first drop in seven months.