Surprisingly Strong US Economic Data Keeps Recession Fears at Bay
- Latest housing, manufacturing, consumer data beat expectations
- Figures likely to reinforce hawkish message from Fed’s Powell
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A flurry of data showed surprising strength in several corners of the US economy, painting a picture of resilience and further delaying any likelihood of recession.
Purchases of new homes climbed to the fastest annual rate in more than a year, durable goods orders topped estimates and consumer confidence reached the highest level since the start of 2022, according to the Tuesday reports. Another release showed housing prices in the US rose for a third-straight month.