Economic Reports 04/24/07
Bank of Canada Rate Announcement Full Report
Inside the number: overnight rate steady at 4.25%, inflation has been higher than expected, food and gasoline prices have recently risen more than expected.
"The slowing U.S. economy has had a moderating effect on growth in Canada.
With the U.S. slowdown now expected to be somewhat more prolonged than previously projected, net exports should exert a slightly greater drag on growth in 2007."
Consumer Confidence Apr 104.9 vs prior 108.2 Full Report
Inside the number: 2nd straight decline, at its lowest level since last Aug. Present situation, future expectations, and labor market outlook all dropped.
Ian Shepherdson, chief U.S. economist at High Frequency Economics, noted that only 2.7% of consumers said they plan to buy a home in the next six months. This is the lowest level in 10 years.
Existing Home Sales Mar 6.12M vs prior 6.69M Full Report
Inside the number: home sales plunged 8.4% in March, the biggest % decline since Jan. 1989 (the start of the last major housing recession) and the lowest level since Jun 2004.
Median sales prices falling for the 8th straight month -0.3% Yoy, compared to a 2.3% drop in Feb, sales are down 11.3% in the last year.
Seasonally UNadjusted sales are down 13% Yoy. Inventory to sales ratio increased to a record 7.4 month supply and has balloned 30.4% Yoy.
SFR sales fell 9.5% to 5.32M, the largest drop since 1989 and lowest level since June 03, sales are down 11.9% in the last year.
"This number reflects subprime lending" as well as the cold weather in February, said David "Liar" Lereah, chief economist for the real estate group.
White man speak with forked tongue.... Lereah also said "we're still looking for existing home sales to gradually improve during the last half of 2007".
You want the "truth".... Sal Guatieri, an economist for BMO Nesbitt Burns: "The U.S. housing correction has yet to reach bottom...
the key risk remains that further declines in home prices will eventually undermine consumer spending, tipping the economy downwards." Thank you Sal....
Inside the number: overnight rate steady at 4.25%, inflation has been higher than expected, food and gasoline prices have recently risen more than expected.
"The slowing U.S. economy has had a moderating effect on growth in Canada.
With the U.S. slowdown now expected to be somewhat more prolonged than previously projected, net exports should exert a slightly greater drag on growth in 2007."
Consumer Confidence Apr 104.9 vs prior 108.2 Full Report
Inside the number: 2nd straight decline, at its lowest level since last Aug. Present situation, future expectations, and labor market outlook all dropped.
Ian Shepherdson, chief U.S. economist at High Frequency Economics, noted that only 2.7% of consumers said they plan to buy a home in the next six months. This is the lowest level in 10 years.
Existing Home Sales Mar 6.12M vs prior 6.69M Full Report
Inside the number: home sales plunged 8.4% in March, the biggest % decline since Jan. 1989 (the start of the last major housing recession) and the lowest level since Jun 2004.
Median sales prices falling for the 8th straight month -0.3% Yoy, compared to a 2.3% drop in Feb, sales are down 11.3% in the last year.
Seasonally UNadjusted sales are down 13% Yoy. Inventory to sales ratio increased to a record 7.4 month supply and has balloned 30.4% Yoy.
SFR sales fell 9.5% to 5.32M, the largest drop since 1989 and lowest level since June 03, sales are down 11.9% in the last year.
"This number reflects subprime lending" as well as the cold weather in February, said David "Liar" Lereah, chief economist for the real estate group.
White man speak with forked tongue.... Lereah also said "we're still looking for existing home sales to gradually improve during the last half of 2007".
You want the "truth".... Sal Guatieri, an economist for BMO Nesbitt Burns: "The U.S. housing correction has yet to reach bottom...
the key risk remains that further declines in home prices will eventually undermine consumer spending, tipping the economy downwards." Thank you Sal....
Comments