FHFA Home Price Index +5.6% year/year.

Initial Jobless Claims (week ended 4/16/2016)

– New Claims seasonally adjusted   247,000. Previous was 253,000
– New Claims unadjusted totaled 241,862 a decrease of 28,557 from previous
– 4-week Moving seasonally adjusted  260,500. Previous was 265,000

This datum is close to being the only one supporting the notion that the economy is healthy.  Even the broader Fed measurement of the health of the jobs market – the Labor Market Conditions Index – is negative.

 

Philadelphia Federal Reserve Business Outlook Survey (April 2016)

– General Business Conditions Index -1.6. Previous was +12.4.

This step back takes some air out of the idea that manufacturing is recovering.

 
Chicago Federal Reserve National Activity Index (March 2016)

– Level   -0.44. Previous was  -0.38
– 3 Month Moving Average  -0.18. Previous was -0.11.

We are going to have a very weak 1stQ2016GDP.

 
FHFA House Price Index  (February 2016)

– month/month +0.4%. Previous was  +0.4%
– year/year  +5.6%. Previous was +6.0%

These are prices for homes purchased with FNMA or FHLMC loans.

We have a flat economy, flat wages, tougher mortgage lending standards yet prices are increasing at 5.6%/year, fewer people can afford a home.

 

Leading Indicators  (March 2016)

– Leading Indicators month/month +0.2%. Previous was  -0.1%.