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Ecomnomic Update – August 23, 2010

Monday, August 23rd, 2010




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Last Week in the News
________________________________________
The National Association of Home Builders/Wells Fargo housing market index fell one point in August to 13. Economists had anticipated a reading of 15. It was the lowest reading since March 2009. An index reading below 50 indicates negative sentiment about the housing market.
The combined construction of new single-family homes and apartments in July rose 1.7% to a seasonally adjusted annual rate of 546,000 units. Applications for new building permits, seen as an indicator of future activity, dropped 3.1% to an annual rate of 565,000 units.
The producer price index, which tracks wholesale price inflation, rose 0.2% in July, following a 0.5% decrease in June. Core prices — excluding food and fuel — rose 0.3% after a 0.1% increase in June. For the year, wholesale prices are up 4.1%.
Industrial production at the nation’s factories, mines and utilities increased 1% in July, following a revised 0.1% drop in June. Economists had anticipated a gain of 0.6%. Capacity utilization rose to 74.8% in July, the highest level since November 2008.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 13 increased 13%. Refinancing applications rose 17.1%. Purchase volume fell 3.4%.
Initial claims for unemployment benefits rose by 12,000 to 500,000 for the week ending August 14. It was the highest level since November 2009. Economists had projected claims would fall to 480,000. Continuing claims for the week ending August 7 fell by 13,000 to 4.48 million.
Upcoming on the economic calendar are reports on existing home sales on August 24, new home sales on August 25 and gross domestic product on August 27.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
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Economic Update – August 16, 2010

Monday, August 16th, 2010




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Last Week in the News
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According to the ICSC-Goldman Sachs index, retail sales fell 0.2% for the week ending August 7. On a year-over-year basis, retailers saw sales increase 3.7%.
The Labor Department reported that in the second quarter productivity fell at an annual rate of 0.9%, labor costs rose at an annual rate of 0.2% and hours worked climbed at a 3.6% rate. This is a likely signal that employers have reached efficiency limits out of leaner staffs. In 2009, productivity rose 3.5%, the highest rate in six years.
Wholesalers increased their inventories 0.1% in June, following a 0.5% rise in May. Sales at the wholesale level fell 0.7% in June, the most since March 2009. Economists had anticipated inventories would increase 0.4% in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 6 increased 0.6%. Refinancing applications rose 0.6%. Purchase volume rose 0.3%.
The trade deficit increased 18.8% to $49.9 billion in June. It was the highest level since October 2008 and follows a $42 billion gap in May. Economists had expected the trade deficit to rise to $42.1 billion. Exports fell 1.3% to $150.5 billion. Imports increased 3% to $200.3 billion.
Initial claims for unemployment benefits rose by 2,000 to 484,000 for the week ending August 7. It was the highest level since mid February. Economist had projected claims would fall to 465,000. Continuing claims for the week ending July 31 fell by 118,000 to 4.45 million.
Upcoming on the economic calendar are reports on the housing market index on August 16, housing starts on August 17 and the index of leading economic indicators on August 19.
Click here to visit my website and apply on line:

www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
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Economic Update – August 9, 2010

Monday, August 9th, 2010




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Last Week in the News
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The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 55.5 in July after reaching 56.2 in June. A reading above 50 signals expansion. It was the 12th straight month of expansion.
Total construction spending rose 0.1% to $836 billion in June, following a downwardly revised $834.8 billion in May. Economists had anticipated a drop of 0.8% in June.
Factory orders fell 1.2% in June to a seasonally adjusted $406.4 billion. The decline was more than double the 0.5% economists had anticipated and follows a revised decrease of 1.8% in May.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 2.6% in June after a 30% decrease in May. On a year-over-year basis, pending home sales are down 18.6%.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 30 increased 1.3%. Refinancing applications rose 1.3%. Purchase volume rose 1.5%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 54.3 in July from 53.8 in June. A reading above 50 signals expansion. It was the seventh consecutive month of growth. Economists had anticipated a reading of 53.
Initial claims for unemployment benefits rose by 19,000 to 479,000 for the week ending July 31. Continuing claims for the week ending July 24 fell by 34,000 to 4.54 million. The unemployment rate remained unchanged at 9.5% in July.
Upcoming on the economic calendar are reports on wholesale trade on August 10, international trade on August 11 and retail sales on August 13.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
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Econimic Update – August 2, 2010

Monday, August 2nd, 2010




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Last Week in the News
________________________________________
New home sales rose 23.6% in June to a seasonally adjusted annual rate of 330,000 units from a revised rate of 267,000 units in May. Economists had expected a pace of 310,000 units. On a year-over-year basis, sales of new homes have fallen 16.7%.
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 1.3% in May after a 0.9% increase in April. On a year-over-year basis, property values increased 4.6%, the largest gain since August 2006.
The consumer confidence index fell to 50.4 in July from an upwardly revised 54.3 in June. Economists had anticipated a reading of 51. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 23 dropped 4.4%. Refinancing applications fell 5.9%. Purchase volume rose 2%.
Orders for durable goods — items expected to last three or more years — fell 1% in June after decreasing a revised 0.8% in May.
Initial claims for unemployment benefits fell by 11,000 to 457,000 for the week ending July 24. Continuing claims for the week ending July 17 rose by 81,000 to 4.57 million.
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 2.4% in the second quarter of 2010. Economists had expected a slightly larger 2.5% increase. This follows a revised 3.7% pace of growth in the first quarter of 2010.
Upcoming on the economic calendar are reports on construction spending on August 2, pending home sales on August 3 and consumer credit on August 6.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
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Economic Update – July 26, 2010

Monday, July 26th, 2010




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Last Week in the News
________________________________________
The National Association of Home Builders/Wells Fargo housing market index fell two points in July to 14. Economists had anticipated a reading of 16. It was the lowest reading since April 2009. An index reading below 50 indicates negative sentiment about the housing market.
According to the ICSC-Goldman Sachs index, retail sales rose 1.4% for the week ending July 17. On a year-over-year basis, retailers saw sales increase 4.2%, the best showing in two months.
The combined construction of new single-family homes and apartments in June fell 5% to a seasonally adjusted annual rate of 549,000 units. Applications for new building permits, seen as an indicator of future activity, rose 2.1% to an annual rate of 586,000 units.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 16 increased 7.6%. Refinancing applications rose 8.6%. Purchase volume rose 3.4%.
Existing home sales fell 5.1% in June to a seasonally adjusted annual rate of 5.37 million units from 5.66 million units in May. The inventory of unsold homes on the market increased 2.5% to 3.99 million, an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.
Initial claims for unemployment benefits rose by 37,000 to 464,000 for the week ending July 17. Continuing claims for the week ending July 10 fell by 223,000 to 4.567 million.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — fell 0.2% in June after a revised 0.5% gain in May.
Upcoming on the economic calendar are reports on new home sales on July 26, the housing price index on July 27 and gross domestic product on July 30.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
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Economic Update – July 19, 2010

Monday, July 19th, 2010




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Last Week in the News
________________________________________
The trade deficit increased 4.8% to $42.3 billion in May. It was the highest level since November 2008 and follows a $40.3 billion gap in April.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 9 decreased 2.9%. Refinancing applications fell 2.9%. Purchase volume fell 3.1%.
Retail sales fell 0.5% in June, after a revised 1.1% decline in May. Economists had anticipated retail sales to fall 0.2% in June.
Total business inventories rose 0.1% in May, following a 0.4% increase in April. Total business sales fell 0.9% in May, the first decline after 13 consecutive monthly gains.
The producer price index, which tracks wholesale price inflation, fell 0.5% in June following a 0.3% decrease in May. Core prices — excluding food and fuel — rose 0.1%. For the year, wholesale prices are up 2.7%.
Industrial production at the nation’s factories, mines and utilities increased 0.1% in June following a 1.3% gain in May. Capacity utilization was unchanged at 74.1% in June.
Consumer prices fell a seasonally adjusted 0.1% in June following a 0.2% decline in May. For the year, consumer prices are up 1.1%.
The Reuters/University of Michigan consumer sentiment index for July’s preliminary reading fell to 66.5 from 76 in June. It was the lowest level since August 2009.
Initial claims for unemployment benefits fell by 29,000 to 429,000 for the week ending July 10. Continuing claims for the week ending July 3 rose by 247,000 to 4.68 million.
Upcoming on the economic calendar are reports on new home sales on July 26, the housing price index on July 27 and gross domestic product on July 30.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 19, 2010 | CT Real Estate
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Economic Update – July 5, 2010

Tuesday, July 6th, 2010




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Last Week in the News
________________________________________
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 0.8% in April after a 0.1% decline in March.
The consumer confidence index fell to 52.9 in June from a revised 62.7 in May. Economists had anticipated a reading of 62.8. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 25 increased 8.8%. Refinancing applications rose 12.6%. Purchase volume fell 3.3%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 56.2 in June after reaching 59.7 in May. A reading above 50 signals expansion. It was the 11th straight month of expansion.
Total construction spending fell 0.2% to $841.9 billion in May, following a revised 2.3% rise in April. Economists had anticipated a steeper drop of 0.5% in May.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 30% in May after a revised 6% increase in April.
Factory orders fell 1.4% in May, more than the 0.5% decrease economists had anticipated. The drop — the biggest since March 2009 — ended eight straight monthly gains.
Initial claims for unemployment benefits rose by 13,000 to 472,000 for the week ending June 26. Continuing claims for the week ending June 19 rose by 43,000 to 4.62 million. The unemployment rate in June fell to 9.5% from 9.7% in May.
Upcoming on the economic calendar are reports on chain store sales on July 7 and wholesale trade on July 9.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 5, 2010 | CT Real Estate
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Economic Update – June 28, 2010

Monday, June 28th, 2010




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Last Week in the News
________________________________________
Existing home sales fell 2.2% in May to a seasonally adjusted annual rate of 5.66 million units from a revised 5.79 million units in April. The inventory of unsold homes on the market decreased 3.4% to 3.89 million, an 8.3-month supply at the current sales pace, down from an 8.4-month supply in April.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 18 decreased 5.9%. Refinancing applications fell 7.3%. Purchase volume fell 1.2%.
New home sales fell 32.7% in May to a seasonally adjusted annual rate of 300,000 units from a downwardly revised rate of 446,000 units in April. It was the slowest sales pace since recordkeeping began in 1963. New home sales have fallen 78% from their peak in July 2005.
Orders for durable goods — items expected to last three or more years — fell 1.1% in May after increasing a revised 3% in April. The drop was largely due to a decrease in demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.9%.
In its third and final report, 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 2.7% in the first quarter of 2010, rather than the 3.2% increase initially reported.
Initial claims for unemployment benefits fell by 19,000 to 457,000 for the week ending June 19. Continuing claims for the week ending June 12 fell by 45,000 to 4.54 million.
Upcoming on the economic calendar are reports on the housing price index on June 29, pending home sales on July 1 and factory orders on July 2.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   June 28, 2010 | CT Real Estate

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