Stefanie Kammerman, the Stock Whisperer, to tell you the Whisper of the Week: GLD and SLV in my week...
Good U.S. economic news can't stem the euro slide
05/16/2012 4:28 pm EST
And today the U.S. government announced that industrial production in the United States had climbed more than forecast in April. Output at factories, mines and utilities increased 1.1% in the month, the biggest gain since December 2010. That follows on a 0.6% drop in March. Economists surveyed by Bloomberg had expected a 0.6% gain for April.
Auto sales were the big driver for the better than expected numbers. First quarter motor vehicle sales were the strongest in the last four years. Increased sales lead to increased production with motor vehicle production rising 3.9% in April after a 1.2% increase in March. Auto sales in the first quarter averaged an annual rate of 14.5 million units. That’s the highest annual rate since the first quarter of 2008
The U.S. economy also provided good news on the housing front. Housing starts in April climbed 2.6% to a 717,000 annual pace. That was up from March’s 699,000 annual rate, which itself was revised upwards this today’s data release. However, building permits, an indicator of future housing starts, declined in April from a three-year high.