Fundamentals 8/23: Retail Sales, New Home Sales, Manufacturing
Retail Sales
-ICSC-Goldman Same Store Sales Week/Week: -1.0%
-ICSC-Goldman Same Store Sales Year/Year: 3.0%
-Redbook Same Store Sales Year/Year: 3.6%
-Redbook Previous was 4.7%
-If consumer spending keeps slowing, we’ll have another recession
Richmond Fed Manufacturing Index
-August index change: -10 (vs. -1 for July)
–Full report
-More evidence supply side was more confident than the demand side. Now both are pulling back.
New Home Sales
-Seasonally Adjusted Annual Rate: 298,000
-This was below previous, below consensus, and 5mo low
-Total new homes for sale is at at 50 year low
-Sales were down in Northeast and West and up in South
-163,000 of those 298,000 sales were in the South
–Details here
-People appear to be moving toward affordability and jobs
-Builders have little reason to build with tough financing and soft values
-Homebuilding is a major contributor to jobs and this data offers no relief for unemployed construction workers and the jobs market in general.