THE BASIS POINT

Pending Home Sales Down

MBA Mortgage Applications (week ended 11/25/2016)

– Purchase Index Week/Week -0.2%. Previous weeks were +19.0%, -6.0%, +1.0%, -0.4%, -7.0%, +3.0%, -3.0%, -0.1%, +1.0%, -7.0%, +9.0%, +1.0%, and +1.0%.
– Refinance Index Week/Week -16.0%. Previous weeks were -3.0%, -11.0%, -3.0%, -2.0%, -2.0%, -1.0%, -8.0%, +5.0%, -2.0%, -8.0%, +2.0%, +1.0%, and +4.0%.
– Composite Index Week/Week -9.4%. Previous weeks were +5.5%, -9.2%, -1.2%, -1.2%, -4.1%, -0.6%, -6.0%, +2.9%, -0.7%. -7.3%, +4.2%, and +0.9%.

The Purchase Index is almost flat after an enormous gain the previous week.

 

ADP Private Jobs (November 2016)

– Private Jobs +216,000. Previous was 119,000.

This is a decent gain but, in part, due to a downward revision to October.

 

Personal Income and Outlays (October 2016)

– Personal Income month/month +0.6%. Previous was 0.4%
– Consumer Spending month/month +0.3%. Previous was 0.7%
– PCE Price Index month/month +0.2%. Previous was 0.2%
– Core PCE price index month/month +0.1%. Previous was +0.1%
– PCE Price Index year/year +1.4%. Previous was +1.2%
– Core PCE price index year/year +1.7%. Previous was +1.7%.

Core PCE at +0.1% indicates highly restrained inflation.

 
Chicago PMI (November 2016)

– Business Barometer Index 57.6. Previous was 50.6

 

Pending Home Sales Index (October 2016)

– Pending Home Sales Index month/month +0.1%. Previous was +1.4%.

These are Existing Home Sales.