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Daily Roundup of Key US Economic Data for May 27

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The Richmond Fed's manufacturing index rose to 13 in May from 3 in April, an indication of faster expansion.

At same time, the Richmond Federal Reserve's services reading rose to 14 in May from 9 in April. The Dallas Fed's services reading rose to minus 7.7 in May from minus 9.9 in April.

The Mortgage Bankers Association reported an 8.5% decline in mortgage applications in the week ended May 22 after a 2.3% drop in the previous week. Refinancing activity plunged while new home applications ticked lower as average mortgage rates hit their highest point since August 2025.

Redbook reported that US same-store retail sales were up 9% year-over-year in the week ended May 23, faster than an 8.1% gain in the prior week due to strong seasonal item sales.

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International

Dallas Fed Services Index Rises in May, Still Indicates Contraction

The Dallas Federal Reserve's monthly general business services index rose to a reading of minus 7.7 in May from minus 9.9 in April, below an expected reading of minus 6.0 and indicating less widespread contraction.There were decreases in the readings for employment, wages, input prices and selling prices.This is the final regional services reading for the month, with the previous releases mixed in direction.

International

May Dallas Fed Service Sector Index -7.7 vs. Expected -6.0, Prior -9.9 Reading