Economic Reports 04/26/09
Leading Indicators March
The index of leading economic indicators (LEI), which is designed to forecast economic activity three to six months in the future, fell another -0.3% – the third consecutive drop.
Components show wide declines including indicators on building permits, vendor performance (which is quickening), the factory workweek, and jobless claims.
Existing Home Sales March
-3% at 4.57M; SFR -2.8%; Yoy -11.5%; inventory 9.8 vs 9.7 months; distressed sales are 50% of all sales. Good news? Median price +4.2%; however Yoy -12.4%.
New Home Sales March
-0.6% at 356K; Yoy -30.6%; YTD -38.2%; inventory 10.7 vs 11.2 months; median price Yoy -12.2%
Durable Goods Orders March
New orders for manufactured big-ticket items with a useable life of at least three years, also known as durable goods, slipped -0.8%.
Ex transportation equipment, new orders decreased -0.6%; Yoy -20.3%; while orders for primary and fabricated metals plummeted 3.2% and 1.3%, respectively.
Good news? Orders for nondefense capital goods ex aircraft, which is a proxy for business investment, rose +1.9% vs +4.3% in Feb vs -12.3% in Jan.
Good news? March inventories -1.1%; the third consecutive decline.
However, shipments -1.7%, which means there is still too much inventory in the supply chain for the tepid amount of sales.
Worse yet shipments of ex transport -2.4%; primary metals -6%. Q1 primary metals shipping -19% which means durable manufacturing orders have gone off a cliff.
Witness Yoy total durable goods shipments and orders have plunged -16.6% and -25.2%, respectively.
Initial Claims Apr 18th
+27K at 640K; 4 week MA -4K at 647K; Continuing unemployment +93K at 6.137M; 4 week MA +142K at 5.944M; both setting new records for the 12th straight week.
The index of leading economic indicators (LEI), which is designed to forecast economic activity three to six months in the future, fell another -0.3% – the third consecutive drop.
Components show wide declines including indicators on building permits, vendor performance (which is quickening), the factory workweek, and jobless claims.
Existing Home Sales March
-3% at 4.57M; SFR -2.8%; Yoy -11.5%; inventory 9.8 vs 9.7 months; distressed sales are 50% of all sales. Good news? Median price +4.2%; however Yoy -12.4%.
New Home Sales March
-0.6% at 356K; Yoy -30.6%; YTD -38.2%; inventory 10.7 vs 11.2 months; median price Yoy -12.2%
Durable Goods Orders March
New orders for manufactured big-ticket items with a useable life of at least three years, also known as durable goods, slipped -0.8%.
Ex transportation equipment, new orders decreased -0.6%; Yoy -20.3%; while orders for primary and fabricated metals plummeted 3.2% and 1.3%, respectively.
Good news? Orders for nondefense capital goods ex aircraft, which is a proxy for business investment, rose +1.9% vs +4.3% in Feb vs -12.3% in Jan.
Good news? March inventories -1.1%; the third consecutive decline.
However, shipments -1.7%, which means there is still too much inventory in the supply chain for the tepid amount of sales.
Worse yet shipments of ex transport -2.4%; primary metals -6%. Q1 primary metals shipping -19% which means durable manufacturing orders have gone off a cliff.
Witness Yoy total durable goods shipments and orders have plunged -16.6% and -25.2%, respectively.
Initial Claims Apr 18th
+27K at 640K; 4 week MA -4K at 647K; Continuing unemployment +93K at 6.137M; 4 week MA +142K at 5.944M; both setting new records for the 12th straight week.
Comments