Pending Home Sales Increased
May 27, 2011
Pending home sales, which is an indicator that looks to the future via signed contracts, increased 2.1 percent in the month of February after seeing a 2.8 percent fall in the month of the January. On a year over year basis, the indicator shows that sales are down 9.3 percent.
Retail sales increased 0.2 percent for the week that ended on March 26 as reported by the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales rise 2.6 percent.
The Standard & Poor’s/Case-Shiller 20-city housing price index (on a non-seasonally adjusted basis) decreased 1 percent in the month of January after seeing a 1 percent decrease in the month of December. On a year-over-year basis, prices decreased 3.1 percent when compared with of January 2010.
The Mortgage Bankers Association stated its seasonally adjusted composite index of mortgage applications for the week that ended on March 25 decreased 7.5 percent, while refinancing applications fell 10.1 percent and purchase volume decreased 1.7 percent.
In the month of February, factory orders decreased 0.1 percent to a seasonally adjusted $446 billion, after an upwardly revised 3.3 percent rise in the month of January, not counting the volatile transportation sector, orders increased 0.1 percent.
The Institute for Supply Management reported the monthly composite index of manufacturing activity decreased to 61.2 in the month of March after seeing 61.4 in the month of February. A reading above 50 signifies expansion. This was the 20th straight month of growth.
Total construction spending decreased 1.4 percent to $760.6 billion in the month of February, after seeing a 0.7 percent decline in the month of January. Economists had expected to see a decrease of 0.3 percent in the month of February.
First claims for unemployment benefits decreased by 6,000 to 388,000 for the week that ended on March 26, while continuing claims for the week that ended on March 19 decreased by 51,000 to 3.7 million. The monthly unemployment rate decreased to 8.8 percent in the month of March after seeing it at 8.9 percent in the month of February.
Upcoming reports on
April 7 – chain store sales
April 8 – wholesale trade
Existing home sales increased
March 31, 2011
Existing home sales increased 2.7 percent in the month of January to a seasonally adjusted annual rate of 5.36 million units up from 5.28 million units reported in the month of December. The inventory of unsold homes on the market fell 5.1 percent to 3.38 million, which is a 7.6-month supply at the current sales pace, down from an 8.2-month supply seen in the month of December.
The Mortgage Bankers Association reported its seasonally adjusted composite index of mortgage applications for the week that ended on February 18 increased 13.2 percent. Refinancing applications rose 17.8 percent along with purchase volume rising 5.1 percent.
The consumer confidence index increased to 70.4 in the month of February from an upwardly revised 64.8 seen in the month of January. This was the highest level seen since February of 2008. The index was benchmarked at 100 in 1985, which was a year chosen as it was neither a peak nor a trough in consumer confidence.
The Standard & Poor’s/Case-Shiller 20-city housing price index on a non-seasonally adjusted basis decreased 1 percent in the month of December after seeing a 1 percent fall in the month of November. On a year-over-year basis, prices decreased 2.4 percent when compared with December of 2009.
First claims for unemployment benefits decreased by 22,000 to 391,000 for the week that ended on February 19, while continuing claims for the week that ended on February 12 decreased by 145,000 to 3.79 million.
Durable goods orders, which are items that are expected to last three or more years increased 2.7 percent in the month of January after a revised 0.4 percent fall in the month of December. Excluding volatile transportation-related goods, orders posted a monthly decline of 3.6 percent.
Sales of new home decreased 12.6 percent in the month of January to a seasonally adjusted annual rate of 284,000 units from a revised rate of 325,000 units seen in the month of December. Economists had believed to see a pace of 310,000 units.
Upcoming economic calendar
March 1 – construction spending
Housing Market Index Increased One Point
March 28, 2011
The housing market index increased one point in the month of March to 17 according to the National Association of Home Builders/Wells Fargo housing market index rose one point in March to 17. Any index reading below 50 signifies negative sentiment about the housing market.
According to the ICSC-Goldman Sachs index, retail sales increased 0.1 percent for the week that ended on March 12 making the year over year basis sales increase that retailers enjoyed at 3.1 percent.
The seasonally adjusted composite of index of mortgage applications for the week that ended on March 11 as reported by the Mortgage Bankers Association decreased 0.7 percent, while refinancing applications rose 0.9 percent and purchase volume decreased 4 percent.
New single family homes and apartment construction combined in the month of February decreased 22.5 percent to a seasonally adjusted annual rate of 479,000 units. Single family starts fell 11.8 percent while multifamily starts fell 46.1 percent. Applications for new building permits, which are an indicator of future activity, decreased 8.2 percent to an annual rate of 517,000 units.
The producer price index that tracks wholesale price inflation increased 1.6 percent in the month of February after a revised 0.7 percent rise in the month of January. Core prices not including food and fuel increased 0.2 percent in the month of February.
Consumer prices increased a seasonally adjusted 0.5 percent in the month February after seeing a 0.4 percent rise in the month of January. For the year, the seasonally adjusted consumer prices are up 2.2 percent.
Industrial production at factories, mines, and utilities decreased 0.1 percent in the month of February, after a revised 0.3 percent increase in the month of January, compared to a year ago; industrial production is up 5.6 percent, while capacity utilization was 76.3 percent in the month of February.
First claims for unemployment benefits fell by 16,000 to 385,000 for the week that ended on March 12, while continuing claims for the week that ended on March 5 decreased by 80,000 to 3.7 million.
Economic Calendar Upcoming Reports
March 21 – existing home sales
March 23 – new home sales
Retail Sales Increased
February 4, 2011
The monthly composite index of manufacturing activity as reported by the Institute for Supply Management increased to 57 in the month of December after seeing 56.6 in the month of November. Any reading higher than 50 is a sign of expansion making this the 17th straight month of seeing expansion.
Total construction spending increased 0.4 percent to $810.2 billion in the month of November after seeing a 0.7 percent rise in the month of October. Economists had believed a rise of 0.1 percent would be seen in the month of November.
Retail sales increased 0.4 percent for the week that ended on January 1 as reported by the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.6 percent.
Factory orders increased 0.7 percent in the month of November to a seasonally adjusted $424.5 billion after seeing a fall of 0.7 percent in the month of October. Not including the volatile transportation sector, orders increased 2.4 percent.
The Mortgage Bankers Association announced its seasonally adjusted composite index of mortgage applications for the week that ended on December 31 increased 2.3 percent, while refinancing applications rose 3.9 percent and purchase volume decreased 0.8 percent.
The Institute for Supply Management announced that the monthly composite index of non-manufacturing activity increased to 57.1 in the month of December from 55 in the month of November. Any reading higher than 50 is a sign of expansion making this the 12th straight month of seeing expansion in the services sector which is the fastest pace seen since May of 2006.
First unemployment claim benefits increased by 18,000 to 409,000 for the week that ended on January 1, while continuing claims for the week that ended on December 25 decreased by 47,000 to 4.1 million. The unemployment rate decreased to 9.4% in the month of December from 9.8 percent in the month of November.
Upcoming reports on the economic calendar
January 11 – wholesale trade
January 13 – wholesale inflation
January 14 – consumer inflation
January 14 – retail sales
Retail Sales Up
January 14, 2011
Retails sales increased 1.7 percent for the week that ended on December 18 as reported by the ICSC-Goldman Sachs index. For the year over year basis, retailers have seen sales increase 4.2 percent which is the highest seen since the middle of the year.
The seasonally adjusted composite index of mortgage applications, as reported by the Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications decreased 18.6 percent for the week that ended on December 17, while refinancing applications fell 24.6 percent, and purchase volume decreased 2.5 percent.
The Commerce Department reported the gross domestic product, which is the total output of goods and services produced in the United States rose at an annual rate of 2.6 percent during the third quarter of 2010, than the two percent increase that was reported earlier.
Existing home sales increased 5.6 percent in the month of November to a seasonally adjusted annual rate of 4.68 million units up from 4.43 million units seen in October. The inventory of unsold homes on the market fell 4 percent to 3.71 million, which is a 9.5-month supply at the current sales pace, going down from a 10.5-month supply seen in the month of October.
New home sales increased 5.5 percent in the month November to a seasonally adjusted annual rate of 290,000 units from seeing 275,000 units in the month of October. Economists had believed to see a pace of 300,000 units.
Durable goods orders, which are products that should last three or more years, decreased 1.3 percent in the month of November after a decrease of 3.1 percent was seen in the month of October. Not including volatile transportation-related goods, orders showed a monthly increase of 2.4 percent.
First unemployment claims decreased by 3,000 to 420,000 for the week that ended on December 18, while continuing claims for the week that ended on December 11 decreased by 103,000 to 4.06 million.
Economic Calendar reports to watch for:
December 28 – housing price index
December 30 – pending home sales
New Home Sales Decreased
December 10, 2010
According to the ICSC-Goldman Sachs index, for the week that ended on November 20 retail sales decreased 0.6 percent. On a year over year basis, retailers saw sales increase 2.8 percent.
The gross domestic product with is the total output of services and good created in the United States rose to an annual rate of 2.5 percent during the third quarter of 2010. This comes after a 1.7 percent pace of growth that was seen in the second quarter of 2010.
The sales of existing homes decreased 2.2 percent in the month of October to a seasonally adjusted annual rate of 4.43 million units from 4.53 units seen in the month of September. The inventory of homes that have not sold on the market decreased 3.4 percent to 3.86 million which is a 10.5 month supply at the sales pace seen currently which is down from the 10.6 month supply seen in the month of September.
The seasonally adjusted composite index of mortgage applications as reported by the Mortgage Bankers Association for the week that ended on November increased 2.1 percent, refinancing applications fell 1 percent, and purchase volume increased 14.4 percent.
Durable good orders for items that will last three years or more decreased 3.3 percent in the month of October after seeing a rise of 5 percent in the month of September. Not including volatile transportation goods, orders that were posted fell 2.7 percent.
New home sales decreased 8.1 percent for the month of October to a seasonally adjusted annual rate of 283,000 units from a 307,000 units in the month of September. Economists speculated a pace of 314,000 units.
First claims for unemployment decreased by 34,000 to 407,000 for the week that ended on November 20, which is the lowest seen since the month of July in 2008. Continuing claims for the week that ended on November 13 decreased by 142,000 to 4.18 million.
What to look forward to on the economic calendar:
November 30 – housing price index
December 1 – construction spending
December 2 – pending home sales
Mortgage Applications Rose
November 26, 2010
The week that ended on November 6 saw retail sales increased 1.3 percent as reported by the ICSC-Goldman Sachs index making a year-over-year basis increase of 3.4 percent which is the best reading seen since August.
Inventories from wholesalers rose 1.5 percent in September after an increase in August of 1.2 percent. The sales at the wholesale level increased 0.4 percent in the month of September after a 0.5 increase in the month of August. Economists had believed inventories would increase 0.7 percent for the month of September.
The seasonally adjusted composite index of mortgage applications as reported by the Mortgage Bankers Association for the week that ended on November 5 increased 5.8 percent, while refinancing applications rose 6 percent and purchase volume rose 5.5 percent.
A 5.3 percent decline in the trade deficit to $44 billion was seen in the month of September. Economists had believed the trade deficit would have fallen to $45 billion. Exports increased 0.3 percent to $154.1 billion while imports declined 1 percent to $198.1 billion.
The Reuters/University of Michigan consumer sentiment index for the preliminary reading for November increased to 69.3 after seeing 67.7 in the month of October. During the economic expansion, which ended in the month of December 2007, the index averaged 88.9.
Import prices increased 0.9 percent in the month of October, after a 0.3 percent decline in the month of September. The increase was due to a 3.3 percent increase in petroleum prices, making the year-over-year basis showing import prices are up 3.6 percent. Export prices increased 0.8 percent in October.
First claims for unemployment benefits decreased by 24,000 to 435,000 for the week that ended on November 6. Continuing claims for the week that ended on October 30 declined by 86,000 to 4.3 million, which is the lowest level seen since the recovery started.
Economic Calendar reports to look forward to include:
November 15 – retail sales
November 16 – housing market index
November 17 – housing starts
Home Sales Increased in September
November 12, 2010
Home sales increased ten percent for existing homes in the month of September to reach a seasonally adjusted annual rate of 4.53 million in the month of Augusts. The inventory of homes on the market unsold decreased 1.9 percent to 4.04 million which is a 10.7 month supply at the sales pace we are now seeing which is down from the 12 month supply we saw in the month of August.
New home sales increased 6.6 percent in the month September to a seasonally adjusted annual rate of 307,000 units from a rate of 288,000 units seen in the month of August. Economists had believed a pace of 300,000 units would have been seen.
According to the Standard & Poor’s/Case-Shiller 20-city housing price index for a seasonally adjusted basis decreased 0.3 percent in the month of August after a 0.2 percent decrease in the month of July. On a year-over-year basis, prices increased 1.7 percent when compared with August of 2009.
The seasonally adjusted composite index of mortgage applications as reported by the Mortgage Bankers Association for the week that ended on October 22 increased 3.2 percent, while refinancing applications rose 3 percent and purchase volume increased 3.9 percent.
Durable goods orders, which are items that are expected to last longer than three years, increased 3.3 percent in the month of September after seeing a 1 percent fall in the month of August. Orders not counting volatile transportation related goods saw a decline of 0.8 percent.
The Commerce Department reported the gross domestic product, which is the total output of goods and services produced in the United States, rose at an annual rate of 2 percent during the third quarter of 2010.
First claims for unemployment benefits decreased by 21,000 to 434,000 for the week that ended on October 23, while continuing claims for the week that ended on October 16 decreased by 122,000 to 4.35 million, which is the lowest level seen since the recovery began.
Economic calendar reports to look forward to include:
November 1 – construction spending
November 3 – factory orders
November 5 – pending home sales
Housing Market Index Increased
November 7, 2010
The factory, utility, and mine industrial production decreased in the month of September 0.2 percent after seeing a gain in the month of August of 0.2 percent. Economists believed there would be a 0.2 percent gain. Capacity utilization decreased to 74.7 percent in the month of September from seeing a revision in of the August to 74.8 percent.
The National Association of Home Builders/Wells Fargo housing market index increased three points in the month of October to 16. Economists speculated that a reading of 14 would occur. Any reading below the50 mark shows a negative attitude toward the housing market.
As reported by the ICSC-Goldman Sachs index, retail sales decreased 0.7 percent for the week that ended on October 16. On a year-over-year basis, retailers saw sales rise 1.7 percent on a year over year basis; this reading was the lowest seen since the month of May.
Construction of new apartments and single-family homes together increased in the month of September to a seasonally adjusted annual rate of 610,000 units. Single-family starts increased 4.4 percent while multi-family starts decreased 9.7 percent. Applications for new building permits, which measures activities for the future, decreased 5.6 percent to an annual rate of 539,000 units.
The Mortgage Bankers Association reported its seasonally adjusted composite index of mortgage applications for the week that ended on October 15 deceased 10.5 percent while refinancing applications fell 11.2 percent and purchase volume decreased 6.7 percent.
The index of leading economic indicators increased 0.3 percent for the month of September and seeing a 0.1 percent increase for the month of August. This indicator forecast economic activity for the next 3 to 6 months.
First claims for unemployment benefits decreased by 23,000 to 452,000 for the week that ended on October 16 while continuing claims for the week that ended on October 9 decreased by 9,000 to 4.39 million, which is the lowest seen since the beginning of the recovery.
Pending Homes Sales Increased
October 30, 2010
The pending home sales increased 4.3 percent in the month of August according to the National Association of Realtors after an increase in the month of July of 4.5 percent. Looking at the year over year basis, however, pending sales are at a low of 18.4 percent.
According to the Mortgage Bankers Association the seasonally adjusted composite index of mortgage applications decreased the week that ended on October 0.2 percent while refinancing applications decreased 2.5 percent and purchase volume rose 9.3 percent which is the highest seen since the beginning of May.
Factory orders decreased in the month of August to hit a seasonally adjusted $408.9 billion. There was an increase of 0.5 percent in the month of July. The decrease is blamed on a 40.2 decrease in demand for commercial aircraft but excludes volatile transportation, which increased 0.9 percent.
The monthly composite index of non-manufacturing activity according to the Institute for Supply Management increased to 53.2 in the month of September from 51.5 in the month of August. Any reading above 50 shows expansion. This was the ninth consecutive month of seeing growth.
Increased inventory of 0.8 percent was seen with wholesalers in the month of August after an increase of 1.5 percent in the month of July. At the wholesale level, sales increased 0.5 percent in the month of August after seeing a 0.8 percent rise in the month of July. Economists had expected a rise of 0.5 percent for the month of August.
First claims for unemployment benefits decreased by 11,000 to 445,000 for the week that ended on October 2, while continuing claims for the week that ended on September 25 decreased by 48,000 to 4.45 million. The unemployment rate remained the same at 9.6 percent in the month of September.
What to look for on the economic calendar – International trade on October 14 and on October 15 retail sales.