{"id":1004086426,"date":"2013-11-07T06:59:55","date_gmt":"2013-11-07T14:59:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004086426"},"modified":"2022-12-05T13:30:07","modified_gmt":"2022-12-05T21:30:07","slug":"economy-watch-non-manufacturing-sectors-expands-again-residential-asking-price-appreciation-slows-tight-credit-remains-drag-on-economy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-non-manufacturing-sectors-expands-again-residential-asking-price-appreciation-slows-tight-credit-remains-drag-on-economy\/","title":{"rendered":"Economy Watch: Non-Manufacturing Sectors Expand Again; Residential Asking Price Appreciation Slows; Tight Credit Remains Drag on Economy"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

The Institute for Supply Management reported on Wednesday in its latest Non-Manufacturing ISM Report on Business that the U.S. non-manufacturing sector is continuing to grow. The month\u2019s expansion was the 46th month in a row in which the non-manufacturing sector, which is by far the largest part of the economy, continued its expansion.<\/p>\n

In fact, the non-manufacturing index came in at 55.4 in October, a full percentage point above September\u2019s reading. That means not only was the non-manufacturing economy still growing during the month, it was growing at a faster rate than the previous month. The result surprised on the upside, considering the perceived impact of the federal government shutdown for part of the month, and the prospect of default (which apparently purchasing managers didn\u2019t believe was going to happen).<\/p>\n

Even so, \u201ca number of respondents indicate that they were negatively impacted by the government shutdown,\u201d according to Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee. Overall, respondents’ comments were mixed, with the majority reflecting an uptick in business.<\/p>\n

Residential Asking Price Appreciation Slows in October<\/strong><\/p>\n

Trulia reported this week that asking prices in the U.S. residential market increased 0.6 percent month-over-month in October, the second-slowest monthly gain in seven months. The company chalked up the slowdown in asking prices to expanding inventory, rising mortgage rates, and declining investor activity, and added that asking prices could slow further if consumer confidence suffers.<\/p>\n

Still, the monthly, quarterly, and yearly gains are all high compared with historical norms. In fact, asking prices rose 11.7 percent year over year, according to Trulia \u2013 the highest rate of increase since the housing bubble burst.<\/p>\n

\u201cAlthough October\u2019s asking home prices rose at the second-slowest pace in seven months, prices are still rising unsustainably fast,\u201d Jed Kolko, Trulia\u2019s chief economist, said in a statement. \u201cEven though the market is far from bubble territory, we still see the effects of fast-rising prices, including investors flipping homes and would-be sellers waiting longer to put their homes on the market.\u201d<\/p>\n

Tight Credit Remains Drag on Economy\u00a0<\/strong><\/p>\n

In a report released this week, \u201cHousing in the National Economy: A Look Back, a Look Forward,\u201d Cleveland Fed President Sandra Pianalto said that \u201ca major reason why the economic recovery has been so slow and has required so much policy support has been the performance of the housing market market. Ordinarily, deep recessions are followed by strong economic snap-backs. But an economist at my bank and his co-author found two exceptions to that rule: the Great Depression and the recent recession.<\/p>\n

\u201cLooking ahead, tight conditions in mortgage credit markets will continue to hold the housing sector and broader economy from getting back to full strength more quickly,\u201d she continued. \u201cIn a recent Federal Reserve survey of senior loan officers, bankers reported that credit standards for all categories of home mortgage loans have remained tighter than the standards that have prevailed on average since 2005.\u201d<\/p>\n

Wall Street had another mixed day on Wednesday, with the Dow Jones Industrial Average up 128.66 points, or 0.82 percent, and the S&P 500 registering an increase of 0.43 percent. The Nasdaq managed lost 0.2 percent.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. non-manufacturing sector is continuing to grow, with this month’s expansion being the 46th in a row. Asking prices in the U.S. residential market increased 0.6 percent month over month in October, the second-slowest monthly gain in seven months. And according to economists, tight credit continues to hold back the housing sector and broader economy from full recovery.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004086426","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: Non-Manufacturing Sectors Expand Again; Residential Asking Price Appreciation Slows; Tight Credit Remains Drag on Economy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-non-manufacturing-sectors-expands-again-residential-asking-price-appreciation-slows-tight-credit-remains-drag-on-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Non-Manufacturing Sectors Expand Again; Residential Asking Price Appreciation Slows; Tight Credit Remains Drag on Economy\" \/>\n<meta property=\"og:description\" content=\"The U.S. non-manufacturing sector is continuing to grow, with this month's expansion being the 46th in a row. 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