Dees Stribling
Economy Watch: GDP Expands More Than Thought; Pending Home Sales Strongly Up; Unemployment Claims Down
The Bureau of Economic Analysis revised its estimate of real U.S. GDP to an annualized 2.7 percent in the third quarter, compared with the initial estimate of 2 percent. Pending home sales were up strongly in October. And initial unemployment claims dropped below 400,000 for the first time in three reports.
Economy Watch: Home Prices Continue Upward; Household Debt Falls; Consumer Confidence Climbs
Residential properties are still on the rise. Total consumer indebtedness shrank by 0.7 percent. Yet consumer confidence swung up in September.
Economy Watch: Greece, Sandy to Cost Many Billions; Home Prices Increase; Chicago Fed: Economic Activity Down in October
Greece and Hurricane Sandy, while both different dilemmas, will cost billions to their respective countries. U.S. home prices have increased month over month. And the Chicago Fed reported that economic activity slowed in the month of October.
Economy Watch: Black Friday Sales, Housing Starts Rise; Unemployment Dips
U.S. shoppers made a record 247 million visits to physical stores and Web Sites over Black Friday weekend, up from 226 million last year. Private housing starts in October increased 3.6 percent above the revised September estimate. And according to the Bureau of Labor Statistics last week, 37 states and the District of Columbia recorded unemployment rate decreases.
Economy Watch: Existing Home Sales, Homebuilder Confidence, Stock Market Up
Existing U.S. home sales were up by 2.9 percent from the previous month. Homebuilder confidence has increased in November. Wall Street was feeling chipper on Monday before Thanksgiving with the Dow, the S&P and Nasdaq all gaining percentage points.
Economy Watch: Retail Sales, Residential Prices Advance, Promote Consumer Spending
Retail sales increased in the month of September. Residential prices also edged up, encouraging consumer spending, as a result.
Economy Watch: Wholesale Prices, Consumer Sentiment, Energy Sector Wages Peak
The Producer Price Index for finished goods rose in September solely due to food and energy prices. The consumer sentiment index for October is also up, to the highest rate since September 2007. Energy sector wages rose the most in the third quarter.
Economy Watch: Foreclosure Rates, Trade Deficit, Unemployment Fall; IMF Asks to Ease Up on Euro Debt
Foreclosure rates have fallen in most states, to the lowest number since 2007. The International Monetary Fund urged the German government to be a bit more flexible when imposing austerity measures on Greece, Portugal and Spain. U.S. exports and imports are both down. The trade deficit is up. But unemployment is down.
Economy Watch: Beige Book Reports Residential Market Positives; Job Openings Up Since Last Year; S&P Downgrades Spain
The Beige Book reported that national economic activity has expanded modestly since the last report. Job openings remain unchanged since last month, but have spiked since last year. Standard & Poor’s has lowered the rating on Spanish sovereign debt–again.
Economy Watch: Housing Market Optimism Rising; Housing Shadow Inventory, Employment Index Shrink
The housing market optimism continues to grow nationally. At the same time, the U.S. residential shadow inventory continues to drop. The Conference Board’s Employment Trends Index decreased again in September.