New home sales, according to the US Census Bureau in data released Wednesday, rose 7.4% in March to an annualized rate of 724,000, thanks to a surge in the South, the nation's biggest homebuilding area.
In a relatively short-lived reprieve at the outset of the week in the ongoing tariff saga, it was announced very late last week that President Donald Trump’s administration exempted smartphones, computers and other electronics from its so-called reciprocal tariffs, potentially cushioning consumers from sticker shock while benefiting electronics giants.
US inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.
In terms of government data releases, the focus for traders and investors this week was on the monthly payrolls and unemployment report released earlier today.
The third and final revision to fourth quarter 2024 gross domestic product (GDP) showed that the economy was performing well in the last three months of the year.
US retail sales rose by less than forecast in February and the prior month was revised lower, adding to concerns of a pullback in consumer spending.