Today's pending home sales and manufacturing data and comments.
Pending Home Sales
Today's pending home sales and manufacturing data and comments.
Recap mixed home price, inflation, manufacturing trends last week. Preview big jobs week coming.
Here's all the housing and other economic data since last week.
Roundup today's data: jobless claims, pending home sales, manufacturing (Chicago PMI)
All today's stats with charts. Generally good reports.
Eurozone The fact that some solution was reached regarding Greek debt is positive but: (1) there are four more countries to deal with and (2) the long term macroeconomic effects are still unknown. GDP -First of three 3Q2011 GDP was +2.5% -This was right at expectations -Previous quarter was +1.3% -Final Sales of domestic products
GDP To so-called “final” GDP for 2ndQ2011 was adjusted upward to +1.3%. The GDP Deflator (an index of inflation weighted by how much each item contributes to GDP) was +2.5%. Final sales of domestic products was +1.6%. Initial Jobless Claims -391,000 for the week ending September 24 -Down 37,000 from previous week’s revised 422,250 (was
Pending Home Sales (July) -Month/Month: -1.3% -Year/Year: +14.4% -Measures homes getting into contract for sale -Same old story: weak housing market Personal Income, Expenses & Consumer Inflation -Personal Income Month/Month: +0.3% -Personal Income Year/Year: +5.3% -Consumer Spending Month/Month: +0.8% -Consumer Spending Year/Year: +5.1% -Core PCE price index Month/Month: +0.2% -Core PCE price index Year/Year: +1.6%
Jobs – Initial Jobless Claims 398,000 – 4-week moving average 413,750 -This is the first time since April that Initial Claims have been under 400,000. This datum, while encouraging, needs to stay below 400,000. The fact is that there is an enormous number of lost jobs and it is going to take years to recover
MBA Mortgage Applications -Purchase Index: Week/Week -3.0% -Refinance Index: Week/Week -2.6% -Composite Index: Week/Week -2.7% – This makes it a bit harder to disguise the error in yesterday’s media fiction that the housing market was looking good. On the other hand… NAR Pending Home Sales for May -Pending Home Sales Index: 88.8 -Pending Home Sales
Rates remain at 2011 lows on mostly weaker economic reports. Below is a recap last week to today, newest first. Mortgage bonds rise on worse news, causing rates to fall and vice versa, so headlines are categorized accordingly. Rates should hold this week, which is dominated by May jobs reports (Wed and Fri) with latest
Rates remain at 2011 lows on mostly weaker economic reports. Below is a recap last week to today, newest first. Mortgage bonds rise on worse news, causing rates to fall and vice versa, so headlines are categorized accordingly. Rates should hold this week, which is dominated by May jobs reports (Wed and Fri) with latest
Personal Income/Expenses: – Personal Income – Month/Month change 0.4% – Personal Income – Year/Year change 4.4% – Consumer Spending – M/M change 0.4% – Consumer Spending – Year/Year change 4.8% – Core PCE price index – Month/Month change 0.2% – Core PCE price index – Year/Year change 1.0% Income growth is fairly strong but being
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