Euro area PMI rose slightly more than expected in May to 52.3 (cons: 52.0, prior: 51.7). Services PMI was unchanged at 53.3 in contrast to expectation of a rise (cons: 53.6, prior: 53.3) while manufacturing PMI rose more than expected to 47.4 (cons: 46.1, prior: 45.7). With the composite PMI above 50 for three consecutive months the momentum is gathering in the euro area economy. The increase in manufacturing PMIs was driven especially by rising new orders. Most importantly, the service sector price index ticked down in both output and inputs costs, meaning it is at the lowest level in three years, but still above the historical average. This is good news for the ECB, but risks nevertheless persist as the employment index continued to rise in May and activity is gathering momentum.
Broker Products; Legal Thoughts on Dual Licensing; Agency and Investor News; Interview With Tour de France Rider
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Think your job has its ups and downs… How’d you like to be a lipstick tester? (You should see the rest of him!) For me it is off to Birmingham tomorrow, where no lipstick testing is on the agenda, but I am sure that one of the topics at the MBA of Alabama Conference will be how best to lend in an era of constrained supply of houses to buy. But that may be changing: Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate, largely due to homebuilders rushing to accommodate a flood of newcomers. Because we’ve done such a great job keeping building costs on land down, while at the same time not polluting our oceans, let’s build a floating city for 20,000. (Sarcasm font required.) Whether it is real estate, beer cans, or the value of companies, values are determined by supply and demand, so here’s something interesting: Berkshire Hathaway’s cash pile has hit a record as Warren Buffett cut its stake in Apple, a company t
If I had a dollar for every time someone called me a boring nerd, I'd have a mean daily income of $5.64 with a standard deviation of $1.25. Turning “boring” into “interesting” is something to be proud of. How about a hand-held miniature chainsaw or a shopping cart with a magnifying glass attached for reading labels? For loan originators, new and old, who think creativity has vanished from residential lending, maybe they should focus on the basics. This eBook has been recommended to me: “The Ultimate Borrower Communications Strategy for Mortgage Lenders.” I recently received this note from a successful loan officer. “Rob, my commissions in 2020 and 2021 were over $500k each year. In 2022 they dropped about 50 percent to about $250k. 2023 promises to be even lower, and I’ll be lucky to make $200k. Are you seeing this everywhere?” Yes, I am. But keep things in perspective. In the U.S., and certainly in the world, $200k