Photo: CNBC TV
Ian Shepherdson, Chief US Economist of High Frequency Economics, just sent out his instant reaction following this morning’s pending home sales report.As we reported earlier, the report missed expectations by a ton, as it declined 5.5% after gaining 3.8% in March.
Shepherdson sees the miss as more noise than signal.
In short, the April reading looks to us like a lot of noise and not much signal. A repeat performance in May would be a different story, but it would also be a big surprise.
So, see you next month.