Archive for November, 2010

Economic Update – November 29, 2010

Monday, November 29th, 2010




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Last Week in the News
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Retail sales fell 0.6% for the week ending November 20, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.8%.
Gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.5% in the third quarter of 2010. This follows a 1.7% pace of growth in the second quarter of 2010.
Existing home sales fell 2.2% in October to a seasonally adjusted annual rate of 4.43 million units from 4.53 million units in September. The inventory of unsold homes on the market declined 3.4% to 3.86 million, a 10.5-month supply at the current sales pace, down from a revised 10.6-month supply in September.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending November 19 rose 2.1%. Refinancing applications decreased 1%. Purchase volume rose 14.4%.
Orders for durable goods — items expected to last three or more years — fell 3.3% in October after increasing an upwardly revised 5% in September. Excluding volatile transportation-related goods, orders posted a monthly decrease of 2.7%.
New home sales fell 8.1% in October to a seasonally adjusted annual rate of 283,000 units from a rate of 307,000 units in September. Economists had expected a pace of 314,000 units.
Initial claims for unemployment benefits fell by 34,000 to 407,000 for the week ending November 20. That’s the lowest level since July 2008. Continuing claims for the week ending November 13 fell by 142,000 to 4.18 million.
Upcoming on the economic calendar are reports on the housing price index on November 30, construction spending on December 1 and pending home sales on December 2.

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Economic Update – November 22, 2010

Monday, November 22nd, 2010




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Last Week in the News
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Retail sales rose 1.2% in October after an upwardly revised 0.7% increase in September. It was the largest increase in seven months. Economists had anticipated retail sales to rise 0.7% in October.
Total business inventories rose 0.9% in September to $1.4 trillion, the highest level since March 2009. Total business sales rose 0.5% in September after a 0.3% increase in August.
The producer price index, which tracks wholesale price inflation, rose 0.4% in October, matching a 0.4% increase in September. Core prices — excluding food and fuel — fell 0.6% in October, the most since July 2006. For the year, seasonally adjusted wholesale prices are up 4.3%.
Industrial production at the nation’s factories, mines and utilities was unchanged in October, following a revised 0.1% increase in September. Economists had anticipated a gain of 0.3%. Capacity utilization was unchanged at 74.8% in October.
Consumer prices rose a seasonally adjusted 0.2% in October, following a 0.1% increase in September. For the year, seasonally adjusted consumer prices are up 1.2%.
The combined construction of new single-family homes and apartments in October fell 11.7% to a seasonally adjusted annual rate of 519,000 units. Single-family starts fell 1.1%. Multifamily starts dropped 43.5%. Applications for new building permits, seen as an indicator of future activity, rose 0.5% to an annual rate of 550,000 units.
Initial claims for unemployment benefits rose by 2,000 to 439,000 for the week ending November 13. Continuing claims for the week ending November 6 fell by 48,000 to 4.295 million, the lowest level since the recovery began.
Upcoming on the economic calendar are reports on existing home sales on November 23 and new home sales on November 24.

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Monday, November 15th, 2010




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Economic Update – November 15, 2010

Monday, November 15th, 2010




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Last Week in the News
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Retail sales rose 1.3% for the week ending November 6, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.4%, the best reading since August.
Wholesalers increased their inventories 1.5% in September, following an upwardly revised 1.2% rise in August. Sales at the wholesale level rose 0.4% in September after a 0.5% increase in August. Economists had anticipated inventories would increase 0.7% in September.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending November 5 rose 5.8%. Refinancing applications increased 6%. Purchase volume rose 5.5%.
The trade deficit decreased 5.3% to $44 billion in September. Economists had expected the trade deficit to fall to $45 billion. Exports rose 0.3% to $154.1 billion. Imports decreased 1% to $198.1 billion.
The Reuters/University of Michigan consumer sentiment index for November’s preliminary reading rose to 69.3 from 67.7 in October. During the economic expansion that ended in December 2007, the index averaged 88.9.
Import prices rose 0.9% in October, following a 0.3% decrease in September. The increase was driven by a 3.3% rise in petroleum prices. On a year-over-year basis, import prices are up 3.6%. Export prices rose 0.8% in October.
Initial claims for unemployment benefits fell by 24,000 to 435,000 for the week ending November 6. Continuing claims for the week ending October 30 fell by 86,000 to 4.3 million, the lowest level since the recovery began.
Upcoming on the economic calendar are reports on retail sales on November 15, the housing market index on November 16 and housing starts on November 17.

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Economic Update – Novemeber 1, 2010

Monday, November 1st, 2010




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Last Week in the News

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Existing home sales rose 10% in September to a seasonally adjusted annual rate of 4.53 million units from a revised 4.12 million units in August. The inventory of unsold homes on the market declined 1.9% to 4.04 million, a 10.7-month supply at the current sales pace, down from a 12-month supply in August.

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — fell 0.3% in August after a 0.2% decrease in July. On a year-over-year basis, prices rose 1.7% compared with August 2009.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending October 22 rose 3.2%. Refinancing applications increased 3%. Purchase volume rose 3.9%.

Orders for durable goods — items expected to last three or more years — rose 3.3% in September after decreasing a revised 1% in August. Excluding volatile transportation-related goods, orders posted a monthly decrease of 0.8%.

New home sales rose 6.6% in September to a seasonally adjusted annual rate of 307,000 units from a rate of 288,000 units in August. Economists had expected a pace of 300,000 units.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2% in the third quarter of 2010.

Initial claims for unemployment benefits fell by 21,000 to 434,000 for the week ending October 23. Continuing claims for the week ending October 16 fell by 122,000 to 4.35 million, the lowest level since the recovery began.

Upcoming on the economic calendar are reports on construction spending on November 1, factory orders on November 3 and pending home sales on November 5.

Visit my website and apply on line:
www.DavidJGarofalo.com



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