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U.S. home values increase in Q1
Average home prices rose 1.38% from Q4 and 6.05% from Q1 '01, the Office of Federal Housing Enterprise Oversight said. Q4's revised 0.46% gain was the smallest in five years. OFHEO says the economic upturn should prevent any "immediate decline in values." But it noted housing inventory is on the rise, which could put pressure on prices in upcoming years, though not as severe as in the early '90s.
European factories boost output
The Reuters Eurozone Purchasing Managers' Index rose to 51.5 in May, the highest since Feb. '01. It was the second straight month over 50, signifying growth. The orders index rose to 53, the highest since Jan. '01. The input prices index rose to 56 due to higher oil prices.
Euro zone producer prices rose 0.3% in April from March. But they fell 0.7% from a year ago.
German union to hold strike vote
Union leaders representing 1 mil construction workers called for a strike vote after talks with employers broke down. The IG BAU union said postal ballot results will be in by June 15 and walkouts could start soon after if a strike gets 75% support. The union wants a 4.5% annual raise and equity among lower-paid ...