Economic Reports 03/28/09
Existing Home Sales Feb 4.72M vs 4.49M
+5.1% on foreclosure sales; Yoy -4.6%. Prices +0.4%; Yoy -14.8%. Inventory steady at 9.7 months.
New Home Sales Feb 337K vs 309K
+4.7% on massive price cuts; Yoy -41.1%. Prices -2.9%; Yoy -18.1%. Inventory 12.2 vs 12.9 months.
Durable Goods Feb +3.4% vs -5.2%
New orders rising for the first time in 7 months, but Yoy -23.4%. Ex transport +3.9% vs -2.5%; Yoy -16.2%. Non defense capital goods +7.4%; ex aircraft +6.6%.
Final Q4 GDP -6.3% vs -6.2%
The latest revisions to GDP were very minor and do not change the view that the economy is still mired in deep recession.
Most economists still expect the first quarter decline to be worse.
Final Q4 Corporate Profits $931B vs $1.3T
Yoy -36.3% vs -10.1%; annualized for the quarter -73.7% vs -12.2%. How do you think Q1 reporting will go? How many more layoffs will result?
Personal Income & Spending Feb
Income -0.2% vs +0.4%; Spending +0.2% vs +0.6%; PCE +0.3%; Core PCE price index +0.2%. Wages -0.4%
The report shows the consumer losing ground. With less income and a strong deleveraging trend (reducing debt)...
the outlook for consumer spending is not good. More to come in the Initial Jobless Claims Report
+5.1% on foreclosure sales; Yoy -4.6%. Prices +0.4%; Yoy -14.8%. Inventory steady at 9.7 months.
New Home Sales Feb 337K vs 309K
+4.7% on massive price cuts; Yoy -41.1%. Prices -2.9%; Yoy -18.1%. Inventory 12.2 vs 12.9 months.
Durable Goods Feb +3.4% vs -5.2%
New orders rising for the first time in 7 months, but Yoy -23.4%. Ex transport +3.9% vs -2.5%; Yoy -16.2%. Non defense capital goods +7.4%; ex aircraft +6.6%.
Final Q4 GDP -6.3% vs -6.2%
The latest revisions to GDP were very minor and do not change the view that the economy is still mired in deep recession.
Most economists still expect the first quarter decline to be worse.
Final Q4 Corporate Profits $931B vs $1.3T
Yoy -36.3% vs -10.1%; annualized for the quarter -73.7% vs -12.2%. How do you think Q1 reporting will go? How many more layoffs will result?
Personal Income & Spending Feb
Income -0.2% vs +0.4%; Spending +0.2% vs +0.6%; PCE +0.3%; Core PCE price index +0.2%. Wages -0.4%
The report shows the consumer losing ground. With less income and a strong deleveraging trend (reducing debt)...
the outlook for consumer spending is not good. More to come in the Initial Jobless Claims Report
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