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- Previous number was 0.634 million (revised to 0.698 million)
- Sales decrease 11.3%
- The supply is for 9.3 months versus 8.1 months in April
The significant upward revision to the previous reading is responsible for a large portion of this 11.3% decline but these numbers are still weak. Yesterday I wrote about how Restoration Hardware and Pool Corp. has received some troubling comments about housing-related spending. Lumber prices also fell to their lowest levels. High interest rates are biting the sector hard.
This article was written by Adam Paton at www.forexlive.com.
