Dees Stribling
Economy Watch: Economy Created 148,000 Jobs in September; Existing Homes Sales Drop; NMHC: Apartment Market Weakens
The economy created a modest 148,000 jobs during September. Total existing-home sales declined 1.9 percent to an annualized rate of 5.29 million units in September from 5.39 million units in August. And The National Multi Housing Council reported that all four indexes of its October Survey of Apartment Market Conditions dipped below 50 for the first time since July 2009.
Economy Watch: Residential Price Appreciation Slows Down; Gas Prices Headed Downward
The pace of residential price appreciation nationwide slowed down in the third quarter of 2013, and even turned negative in some markets. Gas prices have been dropping steadily since this time last year, with predictions that they will continue to drop for the rest of the year and into 2014.
Economy Watch: Cost of the Shutdown; Unemployment Claims Dip; Economic Data Affected by Shutdown
The cost of the shutdown to the U.S. economy was estimated at $24 billion or roughly 0.6 percent of GDP in the fourth quarter by Standard & Poors. For the week ending Oct. 12, initial unemployment claims were 358,000, a decrease of 15,000 from the previous week’s revised figure. And the impact of the shutdown on reported consumer price data will linger for months.
Economy Watch: The Time Bomb Ticks Louder; Home Prices Still Going Up; Fitch Puts U.S. on Negative Watch
There was more uncertainty and inconclusiveness on Capitol Hill on Tuesday as the date of the default gets closer. The latest FNC Residential Price Index shows continued growth of home prices in August. And Chicago-based Fitch, one of the big three debt-rating agencies, put U.S. Treasury bonds on Rating Watch Negative.
Economy Watch: Debt-Ceiling Deal Possible; Initial Unemployment Numbers Spike
The House of Representatives might vote on a no-strings-attached raising of the debt ceiling before long, but one that will last only until about Thanksgiving. For the week ending Oct. 5, initial unemployment claims were 374,000, an increase of 66,000 from the previous week.
Economy Watch: Fed Open Markets Committee Foresaw Crisis; Las Vegas Housing Sales Slip; Yellen New Fed Chair
The Fed thought it likely that monkey business on Capitol Hill would inflict at least temporary damage on the economy. The number of existing residential units sold in Las Vegas dropped in September, both on a monthly basis and an annual basis. And President Obama nominated Fed Vice Chairman Janet Yellen to succeed Ben Bernanke as head of the central bank.
Economy Watch: Americans Nervous About Economy; Small Businesses More Pessimistic
Americans’ confidence in the economy has deteriorated more in the past week during the partial government shutdown than in any week since Lehman Brothers collapsed in Sept. 2008. And small-business owner optimism index dropped 0.2 points in September.
Economy Watch: U.S. Top Oil, Gas Producer; Mortgage Refi Dips, Interest Rates Rise; Data Drought, Debt-Ceiling Jitters
Domestic oil and natural gas production is expected to be larger than Russia or Saudi Arabia this year. Prepayment activity declined sharply in August as mortgage rates continued to rise. And more federally generated data was delayed on Monday.
Economy Watch: The Impasse Drags On; Asian Growth Expected to Slow
The federal government shutdown continued throughout the weekend, though the House voted unanimously on Friday to pay furloughed government workers. The World Bank has lowered its growth forecasts for most of East Asia, citing weak commodity prices.
Economy Watch: ADP Reports Modest Jobs Growth; Car, Truck Sales Down; Shutdown Continues
August’s job gain was revised down from 176,000 to 159,000. The total U.S. light vehicle sales dropped to an annualized rate of 15.3 million units in September from 16.1 million units in August. Much of the drop came from lower truck sales. And Day 2 of the federal shutdown passed on Wednesday without resolution.
