Economic Reports 01/17/08
Summary: Initial claims surface count down, continuing unemployment exploding, bleed continues.
Philly Fed confirms an overall worsening contraction for 2nd straght month.
Housing starts & permits an unmitigated economic disaster with the largest decline in 27 years...
the slowest pace in 17 years and 54% less starts YOY in the West.
Initial Claims 01/12 -21K at 301K vs prior 322K Full Report
Inside the number: 4 week MA -11.75K at 328.5K. Continuing unemployment +66K at 2.751M; 4 week MA +28.25K at 2.725M.
Read states with an increase of more than 1K for the bleed.
Philadelphia Fed Jan -20.9 vs prior -1.6 Full Report
Inside the number: 2nd straight month of contraction and a 6 year low. Overall conditions & new orders -15.2 vs +12 fell sharply...
shipments -2.3 vs +12; employment -1.5 vs +3.8; and average workweek -16.1 vs +7.4, all turned negative.
Stagflation raging as prices paid 49.8 vs 36.5 & received 32 vs 15.2 increasing.
Future outlook less than optimistic, falling for the last 3 months including lower cap ex with rising prices.
Housing Starts Dec -14.2% 1.006M vs prior 1.173M Full Report
Inside the number: YOY -38.2%, Full year 2007 -24.8%, largest drop since 1980, slowest pace since 1991.
SFR starts -2.9%; Full year 2007 -24.8%; YOY -36%; NE -29.9%; MW -29.4%; S -30%; West -54.1%
More important gauge of future development... Building Permits Dec -8.1% at 1.068M vs prior 1.162M; YOY-34.4%; Full year 2007 -25.3%
SFR permits -10.1%; Full year 2007 -29.6%; YOY -41.4%; NE -27.4%; MW -30.4% ; S - 43.9%; West -47.3%
Philly Fed confirms an overall worsening contraction for 2nd straght month.
Housing starts & permits an unmitigated economic disaster with the largest decline in 27 years...
the slowest pace in 17 years and 54% less starts YOY in the West.
Initial Claims 01/12 -21K at 301K vs prior 322K Full Report
Inside the number: 4 week MA -11.75K at 328.5K. Continuing unemployment +66K at 2.751M; 4 week MA +28.25K at 2.725M.
Read states with an increase of more than 1K for the bleed.
Philadelphia Fed Jan -20.9 vs prior -1.6 Full Report
Inside the number: 2nd straight month of contraction and a 6 year low. Overall conditions & new orders -15.2 vs +12 fell sharply...
shipments -2.3 vs +12; employment -1.5 vs +3.8; and average workweek -16.1 vs +7.4, all turned negative.
Stagflation raging as prices paid 49.8 vs 36.5 & received 32 vs 15.2 increasing.
Future outlook less than optimistic, falling for the last 3 months including lower cap ex with rising prices.
Housing Starts Dec -14.2% 1.006M vs prior 1.173M Full Report
Inside the number: YOY -38.2%, Full year 2007 -24.8%, largest drop since 1980, slowest pace since 1991.
SFR starts -2.9%; Full year 2007 -24.8%; YOY -36%; NE -29.9%; MW -29.4%; S -30%; West -54.1%
More important gauge of future development... Building Permits Dec -8.1% at 1.068M vs prior 1.162M; YOY-34.4%; Full year 2007 -25.3%
SFR permits -10.1%; Full year 2007 -29.6%; YOY -41.4%; NE -27.4%; MW -30.4% ; S - 43.9%; West -47.3%
Comments