Week in Review: May 20-24

Home Sales, Durable Goods, & More

A recent survey found that 56% of Americans think that the U.S. is currently in recession (it’s not), 49% think the S&P 500 is down for the year (it’s up 11%), and 49% think the unemployment rate is at a 50-year high (it’s close to a 50+ year low).

I’m not angry about these misperceptions, just disappointed.

Monday

Economic Well-Being of U.S. Households in 2023

The share of Americans who think their own finances are “doing at least okay” fell from 73% in 2022 to 72% in 2023, according to this report. We still see that people feel better about their own finances than they do about their local economy and better about their local economy than the national economy.

Of note, parents are a lot more downbeat about their finances than other adults. As someone currently paying for childcare, this checks out.

TSA Checkpoint Travel Numbers

The number of passengers screened by TSA keeps trending about 6% above 2023 levels. Next week we’ll see how many people flew for Memorial Day weekend—I’m guessing it’ll be a record setting weekend for air traffic.

Tuesday

Gas Prices

Gas prices fell for the fourth straight week. We’re now past the spring peak, and gas prices should continue to drift lower in the coming weeks.

Diesel Prices

Diesel prices fell and are now below $3.80/gallon for the first time since the beginning of July 2023.

Wednesday

Existing Home Sales